Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Yes, can accept that Jackson will go it alone, but the Pru will not be rushed.
"Investors and analysts say the idea of selling the U.S. business, Jackson, is not revolutionary and echoes requests by long-term investors..
“Forcing through a demerger in the near term is unlikely to create much value for Prudential shareholders,” said a top-40 investor, adding that Prudential had made it clear it wanted to diversify the business before any sale.
JPMorgan analysts estimated earlier this week Jackson’s value at $10 billion, without adjusting for the holding company’s cost and debt share, although it added there were “uncertainties” around the valuation.
Reiner Kloecker, fund manager at Union Investment, a top-30 investor, said Prudential had “an incoherent structure” and a separation of its Asian and U.S businesses was in the interests of all investors.
But now was not an ideal time to bring Jackson to market.
..
Industry sources see the arrival of new chair Shriti Vadera - who is set to take up her role in January- as a catalyst for change.
Announcing her appointment, Prudential highlighted Vadera’s extensive Asian experience.
Prudential CEO Mike Wells told analysts last year that following the M&G spin-out, “nothing is off-limits”."
https://uk.reuters.com/article/us-prudential-third-point-investors/prudential-investors-back-loeb-but-in-no-rush-to-execute-break-up-plan-idUKKCN20M21O
It's a bleak, if profitable, prospect the Loeb-otomy offers for traditional long term holders: dividends slashed, no London listing, historic headquarters gone forever, two foreign holdings, and hedge funds directing policy.
The trouble is once you start down the separation route it is hard to stop other regions breaking off.
I can’t see Jackson staying with Pru too long
Well it seems Loeb is demanding the Pru get out of London altogether now, on the basis that we have no business in the UK. Cheeky blighter, he's only loebbed in a couple of billion. Responding, Prudential said it will provide an update on its performance and strategy in its 2019 results, scheduled to be published on March 11.
lol, hard to see the prudential board being keen on that
bit about “eliminate duplicative ‘group head office’ costs”!
but in some ways, Loeb may be pushing at a door that
is at least 1/4 open already? interesting posts, thank you.
what we need now is mr buffet to take an interest in jackson,
quality US business on the cheap. (well, a boy can dream!)
More detail on the rationale in this one:
https://www.businesswire.com/news/home/20200224005747/en
"The Case for Action
Using appropriate trading multiples on embedded value and earnings, we think a standalone PruAsia would be worth well in excess of Prudential plc’s current market capitalization, implying that the market is assigning a deeply negative value for Jackson. Both PruAsia and Jackson have incredible strategic value, but not while combined."
"Hedge fund Third Point LLC amassed a more than $2 billion stake in Prudential and called on the British insurer on Monday to split into two companies.
Third Point, which specializes in shareholder activism and is run by Daniel Loeb, wrote to the 332-year old London-based company on Monday to ask it to separate its Asian and U.S. businesses.
The New York-based hedge fund said Prudential’s stock would benefit if it stopped running its crown jewel Asia business and its U.S. business, Jackson National Life, out of one holding company in Britain."
https://www.reuters.com/article/us-prudential-thirdpoint/hedge-fund-third-point-calls-on-britains-prudential-to-break-up-idUSKCN20I1WZ?rpc=401&
Stake building probably explains why the price has been holding up so well, until today.