LONDON (Reuters) - The head of American International Insurance (AIA) has threatened to quit his post if Prudential's PRU.L planned takeover of American International Group's AIG.N prime Asian asset goes ahead, the Financial Times reported.
Prudential boss Tidjane Thiam is struggling to make headway with sceptical investors who question the value of his $35.5 billion (24.6 billion pound) acquisition of AIA.
AIA’s chief executive, Mark Wilson, has told friends and industry executives he would quit if the deal closed, saying the planned merger of the two Asian businesses was “unworkable,” the FT reported in its Tuesday edition.
“Mark remains loyal to AIA, but doesn’t plan to stay with the merged group because he feels it is a disaster waiting to happen,” the paper cited one person with knowledge of the situation as saying.
Wilson’s own role in the new company is uncertain, with speculation rife about who would lead the combined group in Asia following the takeover. The CEO of Prudential Asia, Barry Stowe, is considered to be the frontrunner for the role as Prudential is acquiring AIG’s Asian asset. However, Wilson is widely respected within the industry.
Prudential and AIA could not immediately be reached for comment.
Reporting by Caroline Copley, editing by Matthew Lewis
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