German insurer Allianz has withdrawn its offer to acquire at least 51% of Singapore's Income Insurance for about $1.63 billion, the company said in a statement on Monday. Reuters reported on Dec. 13 that the insurer had scrapped the proposed acquisition.

Allianz said Monday that it is withdrawing a preconditional offer made in July for a 51% stake in the insurer, adding that it respects a decision by the Singapore government against the transaction.

The German insurer remains convinced it is the right partner to support Income’s continued growth. Read more at straitstimes.com.

German insurer Allianz SE has announced the withdrawal of its S$2.2 billion (US$1.6 billion) pre-conditional voluntary cash general offer to acquire a 51% stake in Singapore’s Income Insurance Limited (Income Insurance).

SINGAPORE: German insurer Allianz on Monday (Dec 16) announced that it has withdrawn its offer to acquire a majority stake in Income Insurance. This comes after the Singapore government raised concerns about the proposed deal, which was first announced on Jul 17 .

Allianz has withdrawn its offer to buy a stake of at least 51% in Singapore composite carrier Income Insurance following regulatory objections to the acquisition. Allianz struck the deal with Income Insurance in July, offering $40.58 per share, amounting to a total transaction value of $2.2bn.

The decision comes after public outcry and government scrutiny over the importance of balancing commercial interests with social responsibility.

Allianz SE withdrew an offer to buy a majority stake in Singapore insurer Income Insurance Ltd. for about S$2.2 billion ($1.7 billion), following public backlash to the deal.