Income Insurance for its part, says, “material information relating to the Offer would have been disclosed publicly if the Offer was formally launched. Allianz’s submission of its preliminary business plan to the Monetary Authority of Singapore (containing information relating to the proposed capital reduction) was part of the required process for Allianz to obtain regulatory approvals, which was the pre-condition of the Offer.”
On Dec 16, Allianz announced it has withdrawn its $2.2 billion offer to acquire 51% of Income Insurance. “In light of the Singapore Government’s announcement during the parliament sitting on October 14 and subsequent changes to the Insurance Act, Allianz today – through its wholly owned subsidiary Allianz Europe B.V. – announced it has withdrawn its pre-conditional voluntary cash general offer to acquire at least 51% of the shares in Income Insurance,” the German insurer said. Allianz’s offer was announced on July 17.
“We respect the Singapore Government’s decision,” says Renate Wagner, Member of the Board of Management of Allianz SE and responsible for the Asia-Pacific region. “We still believe the combination of Allianz and Income Insurance would result in two strong businesses being brought together for the benefit of Income Insurance’s policyholders and a growing portion of Singapore’s customers. We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market’s continued growth and success.”
