Prudential can buy anything they want - and they chose Alexforbes, says CEO

US insurance giant Prudential Financial is a few steps closer to becoming Alexforbes' second-biggest shareholder after Patrice Motsepe's African Rainbow Capital (ARC) - if it all goes according to plan.

Alexforbes CEO Dawie de Villiers said the New York Stock Exchange-listed insurer should get authority to buy the 14.8% stake owned by the American asset manager Mercer in June. After Prudential becomes a shareholder, it plans to make an offer to buy out minority shareholders and increase its stake in Alexforbes to 33%.

ARC, which owns a 40% stake in Alexforbes, has "irrevocably undertaken" not to accept Prudential's offer, Fin24 previously reported.