September 25, 2019 / 1:47 PM / a month ago

Prudential, M&G to spend 350 mln stg on October split

LONDON, Sept 25 (Reuters) - Prudential and M&G, its UK and European business, will spend 350 million pounds ($433.30 million) on their October break-up, Britain’s largest insurer said in a demerger prospectus published on Wednesday.

M&G directors expect to declare a 2019 ordinary dividend of 310 million pounds and a one-off demerger dividend of 100 million pounds, the prospectus said, while Prudential expects to declare a second interim ordinary dividend of around 510 million pounds, equivalent to around 19.6 pence per share.

$1 = 0.8078 pounds Reporting by Mujiva M and Carolyn Cohn, Editing by Lawrence White

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