Shares of British financial firm M&G (MNG.UK) are up more than 5% today after Japanese rival Dai-Ichi Life agreed to a strategic partnership to acquire a 15% stake in the company, making it the largest single shareholder. The deal is expected to generate at least $6 billion in new business lines for M&G and $2 billion for Dai-Ichi Life over the next five years. Under the deal, M&G will become Dai-Ichi’s preferred asset management partner in Europe.
The stock opened today’s trading with a healthy gap up, taking the stock to local highs set for 2024. Source: xStation
