German insurer Allianz has withdrawn its offer to acquire at least 51% of Singapore's Income Insurance for about $1.63 billion, the company said in a statement on Monday.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 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.

German insurer Allianz on Monday (Dec 16) announced that it has withdrawn its offer to acquire a majority stake in Income Insurance.

Allianz SE is close to scrapping a proposed S$2.2 billion ($1.6 billion) acquisition of Singapore’s Income Insurance Ltd. following public backlash to the deal, people with knowledge of the matter said.

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

SINGAPORE: German insurer Allianz on Monday (Dec 16) announced that it has withdrawn its offer to acquire a majority stake in Income Insurance.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 SE has scrapped a proposed $1.5 billion euro acquisition of a 51% stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.

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.

German insurance giant Allianz has withdrawn a $1.6 billion takeover offer for Singapore's Income Insurance following resistance from the South-East Asian country's government, the Munich-based company said on Monday.