Allianz withdraws Income acquisition offer following intervention by Singapore Government

German insurer Allianz has withdrawn its offer to acquire a majority stake in Income Insurance following the Singapore Government's move to block the proposed transaction. Under the proposed deal, Allianz would have acquired 51 per cent of Income for S$2.2 billion. In a statement, Allianz says it remains convinced that it is the right partner to support Income's growth and mission but the decision reflects the company's financial discipline.

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Allianz scraps proposed acquisition of Income Insurance, source saysAllianz SE has scrapped a proposed $1.5 billion euro (S$2.2 billion) acquisition of a 51 per cent stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.
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