Deals
Allianz Is Close to Dropping Income Insurance Deal
- Insurer had trouble assuaging Singapore government concerns
- Companies could make an announcement as soon as coming days
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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 is discussing dropping its pursuit of Income Insurance after it had difficulty finding a way to assuage government concerns, the people said. The companies could make an announcement as soon as the coming days, according to the people, who asked not to be identified because the information is private.