LONDON, March 27 Prudential, Britain's
largest insurer, has been fined 30 million pounds ($45.5
million) for failing to tell the UK financial regulator about
its attempted takeover of Asian rival AIA three years
The Financial Services Authority (FSA) said on Wednesday
the size and scale of the deal would have transformed the
company's financial position, strategy and risk profile and that
a planned 14.5 billion pound cash call would have been the
biggest ever in the UK.
"Prudential failed to deal with the FSA in an open and
cooperative manner when it was seeking to acquire AIA in early
2010, because it did not inform the FSA of the proposed
acquisition until after it had been leaked to the media on 27
February 2010," the FSA said.