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Prudential Financial Inc. said it plans to sell $1 billion of shares to raise funds for part of its planned $4.8 billion purchase price for two life insurance units from American International Group Inc. (AIG).
Source: Source: Dow Jones | Published on November 12, 2010
The insurer, which has a market capitalization of about $26 billion, in September said it agreed to buy AIG Star Life Insurance Co. and AIG Edison Life Insurance Co., in part with a $1.3 billion stock sale and $1.2 billion in senior notes, to expand its presence in Japan.
The deal is expected to add 40 cents a share to Prudential's earnings--a calculation that includes the planned share sale, among other factors.
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