| Decision | Consent Granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 7 May 2010 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in 100.0% of the ordinary shares of AIA Group Limited, the value of the assets of AIA Group Limited and its 25% or more subsidiaries being greater than $100m. |
| Asset Value | $119,127,556 as at 30 November 2008 |
| Applicant | Prudential Group plc United Kingdom (44%) United States (27.3%) Norway (2.8%) Japan (1.4%) Netherlands (1.3%) China (1.0 %) Germany (1.0%) Various overseas persons (21.2%) |
| Vendor | American International Group Inc through AIA Aurora LLC The AIG Credit Facility Trust (for the benefit of the United States Treasury) (79.8%) Various overseas persons (20.2%) |
| Background | Prudential plc (Prudential) has reached an agreement with American International Group Inc (AIG) for the merger of Prudential and AIA Group Limited (AIA), an indirect wholly-owned subsidiary of AIG. Prudential is an international retail financial services company with significant operations in Asia, the United States and the United Kingdom. AIG is a leading international insurance organisation with operations in more than 130 countries and jurisdictions. Prudential believes that the merger of its Asian operations with AIA will create a leading financial services and insurance business with a significant focus on the Asian markets. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | Garth Sinclair Russell McVeagh (Auckland) PO Box 8 AUCKLAND |