- FTSE 100 insurer hits US spin-off roadblock
- Cementing the pivot to Asia requires up to $3bn in fresh equity
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Investor hopes that Prudential’s (PRU) spinoff of its US arm might lead to a short-term windfall this year have been dealt a blow, after the insurer scrapped plans for a minority IPO, dashed hopes of a pre-split dividend and warned that funding costs associated with a demerger could require an equity raise of between $2.5bn and $3bn (£1.8bn-£2.2bn).