UK insurer Prudential PLC’s (PRU.LN) biggest shareholder is possibly moving toward breaking up the insurer that could derail its purchase of AIG’s (AIG) Asian unit, the U.K newspaper The Times reported, citing unnamed sources.

Capital Group, which owns 12% of Prudential, is said to have approached at least three UK-based insurers for a consortium bid, the paper said on its website. Resolution, Clive Cowdery’s acquisitions vehicle, and Prudential rival Aviva have been approached, the report said.

Prudential has launched an effort to buy American International Group Inc.’s Asian unit for US$35.5 billion ($48.5 billion). It will release terms of a rights issue on May 5 and has applied for a secondary listing in Singapore.