Allianz SE (ALIZY) Monday announced the decision to withdraw its pre-conditional voluntary cash general offer to acquire at least 51 percent of the shares in Income Insurance Ltd., amounting to a total transaction value of approximately S$2.2 billion or 1.5 billion euros.
The decision comes after the Singapore Government announced its views on why the transaction should not proceed on its present terms and the subsequent changes to the Insurance Act.
"We respect the Singapore Government's decision," said Renate Wagner, Member of the Board of Management of Allianz SE and responsible for the Asia-Pacific region.
"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. We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market's continued growth and success."
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