HONG KONG/SEOUL, April 29 (Reuters) - Prudential Plc (PRU.L) has secured South Korean anti-trust approval for its planned $35.5 billion takeover of American International Group Inc’s (AIG.N) Asian life insurance business, a Korean Fair Trade Commission (FTC) official told Reuters on Thursday.
The approval brings the British insurer a step closer to getting full regulatory clearance in Asia to proceed with its bold and ambitious plan to become a dominant Asian insurer.
Prudential is now in discussions with regulators in Vietnam to address any anti-trust issues with its acquisition of American International Assurance (AIA). Vietnam has yet to make a final decision.
The source said that Prudential had not been asked to dispose of any assets to meet regulatory approval in the region.
“South Korea’s antitrust agency the Fair Trade Commission has reviewed the Prudential-AIA deal regarding its impact on the South Korean market and ... delivered its approval on the deal to Prudential,” an official at the FTC said.