Pension debacle may cost Prudential $1.83 billion

Article Abstract:

Prudential Corp., a British life insurance firm, said it may have to make a payment of up to 1.1 billion pound sterling to compensate clients for selling inappropriate personal pension plans. To make the compensation payments, the company said it would use its long-term fund, which was developed to cover risks and other unexpected events. According to the company, capital in its long-term fund reaches close to 12 billion pound sterling following payments amounting to an estimated 1.1 billion pound sterling.

Comment:

Life insur co may have to pay 1.1 bil pound sterling to compensate clients for sale of inappropriate personal pension plans

Strategy & planning, Life Insurance, Direct Life Insurance Carriers, Prudential Corporation PLC, Article

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Siebe and BTR of U.K. announce plan to merge

Article Abstract:

Siebe PLC and BTR PLC agreed to a $5.6 billion merger that would make a leader in the world's controls and automation industry. Analysts say Siebe's management would help produce profits for BTR's businesses, and Siebe would profit from a build up of its hardware business. The combined companies say they will save millions after its third year.The company's have 124,000 employees combined of which 4% will be laid off.

Acquisitions & mergers, Surgical Appliance and Supplies Manufacturing, Manufacturing and Industrial Building Construction, Surgical appliances and supplies, Industrial buildings and warehouses, Industrial Bldgs & Warehouses, Personal, Industrl Safety Eqp, Construction industry, Mergers, acquisitions and divestments, Abstract, Industrial construction, Safety equipment and supplies industry, Safety equipment industry, Safety equipment, BTR PLC, Siebe PLC

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