They note that discussions over proposed acquisition of local insurer are still ongoing, and there is no guarantee that a transaction will take place
INCOME Insurance and Allianz announced in a bourse filing on Thursday (Nov 14) that discussions over a deal to acquire a majority stake in the local insurer are still ongoing after the Singapore government veto.
The deal was called off on Oct 14 in a ministerial statement by the government. This was after new information was received about Allianz’s proposed bid to acquire Income, which raised doubts over whether the local insurer’s social mission could continue to be fulfilled.
Subsequently the Insurance Act was amended, paving the way for the Monetary Authority of Singapore to consider the views of the Ministry of Culture, Community and Youth in cases related to an insurer that is either a cooperative or linked to one.
Both Allianz and Income, and their advisers, have studied the implications of the concerns raised in the ministerial statement, and the amendment to the Insurance Act, noted their statement. The discussion around the deal is still ongoing, and there is no guarantee that any transaction will take place, said both parties.
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