Prudential Corp shares rebound on FTSE 100 after Hong Kong listing sped up

The insurance group, slid 13.7 per cent after UK investors raised concerns over the $35.5 billion AIA deal.

Tidjane Thiam, the chief executive, will now begin a 'charm offensive' this week as he seeks to regain backing of shareholders having already agreed to the deal last week.

Having gained 2.31 pct to 532 this morning, Prudential Corp shares are trading around 528-529.

The FTSE overall is up 8.4 points.

Prudential Corp, which is one of the largest insurers in the world, will now seek money overseas, by listing in Hong Kong.

A controversial $21 billion rights issue, along with lack of support from British shareholders, has led Prudential to other forms of financing.

A listing in Hong Kong, planned after the rights issue, is now going to take place before to help pay for the acquisition.

Tidjane, who will meet shareholders worried he has overpaid, will hope to convince them that emerging markets in Asia, recently boosting HSBC, will help maintain 'solid' growth at the company.

By acquiring 700,000 AIA salesmen, the enlarged company, would then be unrivaled in South-East Asia, and free to make money in some of the world's fastest growing economies such as Vietnam, Malaysia, Indonesia and the Philippines.

Prudential, which has been recently competing in Europe and UK with Aviva plc, hopes to hold on to its new recruits also by using Hong Kong listed shares.