Prudential Issues $1B In Stock To Fund AIG Deal

Law360, New York (November 12, 2010, 4:00 PM EST) -- Prudential Financial Inc. on Friday priced a nearly $1 billion common stock offering, the net proceeds of which will be used to partly finance the company's purchase of American International Group Inc.'s Japanese insurance subsidiaries.

Newark, N.J.-based Prudential sold over 18.3 million shares of common stock at $54.50 per share. The underwriters of the offering will have the option to purchase an additional block of nearly 2.8 million shares of Prudential common stock.

The transaction is expected to close Wednesday, Prudential said.

Prudential stock closed Friday...
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