A large United Kingdom insurer says it has ended efforts to scoop up a somewhat smaller competitor.
Aviva P.L.C., London, has announced that it is withdrawing a proposal to acquire Prudential P.L.C., London, the parent company of Jackson National Life Insurance Company, Lansing, Mich.
Aviva had offered the equivalent of $30 billion for Prudential, but executives at Prudential, which has no connection with Prudential Financial Inc., Newark, N.J., said they believed Prudential could grow faster as a stand-alone company than as part of Aviva.
Executives at the U.K. Prudential also argued that the price Aviva offered failed to reflect Prudential’s potential to grow.