Aviva pulls out of Pru takeover bid

Norwich Union owner Aviva today abandoned plans to take over rival Prudential following the rejection of a £17bn (€24.5bn) bid.

Aviva said its proposal to create the world’s fifth largest insurer with a market value of £36bn (€53bn) “would have created significant value for both sets of shareholders” but depended on co-operation from the Pru.