The UK insurer Prudential has declared that it has not any further plans to renew the bid for the US insurer AIG’s Asian business AIA. The previous deal was failed on 2nd June after Prudential was unsuccessful to negotiate for a lower bid price for the firm AIA.

Sources have said that there was a fresh takeover deal in the works from Prudential. Prudential has informed that they are committed to do business in Asia but for that they are not going to resurrect the deal with AIA.

Earlier in March, Prudential had made a deal to buy AIA for 35.5 billion dollar but they have insisted to cut the prices to 30 billion dollar in last month because of the investors’ opposition.

But the US firm AIG did not agree to any type of revised deal for AIA hence the AIA deal has stopped without producing any result.

Prudential has said that it has invested 653 million dollar for the deal which includes a break fee of about 152 million Euros after the cancellation of the deal.