Bloomberg News

LONDON — Jonathan Bloomer, chief executive officer of Prudential PLC, said Thursday that the United Kingdom’s second-biggest insurer won’t raise its $20 billion bid for American General Corp. of Houston, which American International Group of New York topped on Tuesday.

“We’ve said all along that we’ve got a deal, and it’s strategically a very sensible deal,” Mr. Bloomer said in an interview. “We’ve agreed on it, and that’s the way it’s going to stay.”

AIG, the world’s biggest insurance company, offered $23 billion, or $46 a share, for American General. Prudential PLC’s shares fell about 15% after its offer was announced March 12 amid concern that it was paying too much for American General.

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