German insurance giant Allianz withdrew its bid to acquire a majority stake in Income Insurance, a Singapore-based insurance company, on Monday. Income Insurance confirmed in a separate statement that Allianz withdrew its bid.
The proposed acquisition has been hanging in the balance since October, after Singapore's government said it would block the deal in the form that was initially proposed. But the withdrawal formally ends a deal that stirred passionate public discussions over whether a foreign insurer should be taking over a Singaporean company with a social mission.
