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The German financial services giant Allianz (ETR:ALVG) has withdrawn its proposal to acquire a 51% stake in Income Insurance, a Singapore-based insurer. The decision came after the Singapore government expressed opposition to the deal.
On Monday, Allianz announced the retraction of its preconditional offer, initially made in July, to purchase the majority share in Income Insurance.
The offer, valued at 2.2 billion Singapore dollars (approximately $1.63 billion), was part of Allianz's strategy to expand its footprint in the Asian market.
Renate Wagner, a member of the Allianz board, expressed disappointment over the outcome. "We regret having to make this decision," Wagner stated.
She emphasized the company's belief in the potential benefits of the merger, saying, "We still believe the combination of Allianz and Income Insurance would result in two strong businesses being brought together for the benefit of Income Insurance’s policyholders and a growing portion of Singapore’s customers."
Despite the setback, Allianz remains respectful of the Singapore government's stance, confirming that it will not pursue the transaction further. The decision marks the end of Allianz's attempt to bolster its presence in Singapore through the acquisition of Income Insurance.
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