UPDATE 3-Hedge fund Third Point calls on Britain's Prudential to break up [Reuters]
Prudential Public Limited Company (PUK)
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Source: Reuters
Hedge fund Third Point calls on Britain's Prudential to break up (Reuters) - Hedge fund Third Point LLC amassed a more than $2 billion stake in Prudential Plc ( PRU.L ) and called on the British insurer on Monday to split into two companies. Third Point’s demands, first reported by Reuters earlier on Monday, could lead to a major shake-up at Prudential, only a few months after it spun out its European insurance and asset management businesses into a new company called M&G Plc ( MNG.L ). Third Point, which specializes in shareholder activism and is run by Daniel Loeb, wrote to the 332-year old London-based company on Monday to ask it to separate its Asian and U.S. businesses. The New York-based hedge fund said Prudential’s stock would benefit if it stopped running its crown jewel Asia business and its U.S. business, Jackson National Life, out of one holding company in Britain. Jackson accounts for a small portion of Prudential’s value, but is extremely complex to analyze, Third Poi
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