22 Mar 2000
Prudential sells investment in SJPC
Prudential plc announced today that the group has agreed to sell 60% of its investment in St. James’s Place Capital (SJPC) for £200.5 million. SJPC’s principal operation is the J.Rothschild Assurance Group. Prudential has also agreed to dispose of further shares to enable Halifax to achieve its objective of 60% ownership of SJPC.
Jonathan Bloomer, group chief executive of Prudential said "Our initial stake in SJPC was obtained through the acquisition of Scottish Amicable in 1997. Although our investment has performed well we do not believe it represents a strategic investment for us in the long-term. We consider this to be an attractive offer."
Enquiries:
Jeremy Reynolds
Prudential Group Media Relations
Tel: 020 7548 3721
The sale comprises 66,850,351 shares at £3.00 per share for a total of £200,551,053.