MARKET TALK: P&O +10.3%; Prudential Possibly Eyeing Stake

2nd Aug 2010 02:42

0142 GMT [Dow Jones] Pacific & Orient (6009.KU) +10.3% at MYR1.02; dealer says stock of general insurer may rise to test MYR1.10; this after The Edge quotes unnamed sources as saying U.K.'s Prudential (PRU.LN) looking to buy P&O's insurance business. Paper says Prudential had written to Bank Negara to seek approval to begin talks. Adds, P&O's CEO Chan Thye Seng had been contemplating divesting his 61%. The parties weren't immediately available for comment. "Bank Negara is in favor of further consolidation in the fragmented insurance industry...already we have seen a number of tie-ups between foreign and local players; this deal would not be surprising if it happens," dealer says. ([email protected]) Contact us in Singapore. 65 64154 140; [email protected] (END) Dow Jones Newswires August 01, 2010 21:42 ET (01:42 GMT)