German insurance giant Allianz has withdrawn a $1.6 billion takeover offer for Singapore’s Income Insurance following resistance from the South-East Asian country’s government, the Munich-based company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.
Allianz said the firm regretted the decision, but was focused on continuing to expand its presence in the Asia-Pacific region despite the setback.
It comes after Allianz had announced plans to acquire at least 51% of Income Insurance shares for 2.2 billion Singapore dollars ($1.6 billion).
However the government in Singapore had come out against the takeover bid in mid-October.
