Allianz: withdraws offer for a Singaporean insurer
(CercleFinance.com) - Allianz announced on Monday that it had withdrawn its offer to acquire a majority stake in Singaporean insurer Income Insurance, a project that had met with opposition from the government.
Last July, the German insurer had decided to submit a proposal to purchase 51% of Income Insurance's capital for E1.5bn.
While it regrets the Singaporean government's decision, Allianz explains that it still wishes to strengthen its activities and prospects in the Asia/Pacific region.
The group adds that the withdrawal of its offer also illustrates its 'financial discipline' through its determination not to modify the terms of its initial offer.
This majority shareholding was intended to enable Allianz to strengthen its position in Singapore, an economy deemed 'attractive' and 'fast-growing', with a strong focus on the financial sector.
No big deal in the market, though - on the Frankfurt Stock Exchange, Allianz shares were down 0.3% on Monday morning following this announcement
Copyright (c) 2024 CercleFinance.com. All rights reserved.
Last July, the German insurer had decided to submit a proposal to purchase 51% of Income Insurance's capital for E1.5bn.
While it regrets the Singaporean government's decision, Allianz explains that it still wishes to strengthen its activities and prospects in the Asia/Pacific region.
The group adds that the withdrawal of its offer also illustrates its 'financial discipline' through its determination not to modify the terms of its initial offer.
This majority shareholding was intended to enable Allianz to strengthen its position in Singapore, an economy deemed 'attractive' and 'fast-growing', with a strong focus on the financial sector.
No big deal in the market, though - on the Frankfurt Stock Exchange, Allianz shares were down 0.3% on Monday morning following this announcement
Copyright (c) 2024 CercleFinance.com. All rights reserved.