After public outcry and a government intervention, the Allianz-Income deal is off and the local insurance company is back at square one, says NUS Business School’s Lawrence Loh.
New: You can now listen to articles.to acquire 51 per cent of Income on Dec 16, ending a five-month contentious saga that saw public backlash and the Singapore government stepping in to stop the deal.
Commentary: What the surprise decision on Income-Allianz deal says about the Singapore government’s priorities But should Temasek move into insurance simply to prop up any company? Will this, on the contrary, result in inefficiencies? Something will have to give and someone will have to pay the bill. Less returns for Temasek means less contribution to the national budget and some other social needs may be displaced.
Commentary: Income-Allianz saga shows a lack of understanding of public sentiment and how to communicate major changes
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Allianz scraps proposed acquisition of Income Insurance, source saysAllianz SE has scrapped a proposed $1.5 billion euro (S$2.2 billion) acquisition of a 51 per cent stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.
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Allianz withdraws $2.2b offer for Singapore's Income InsuranceSINGAPORE — Allianz has withdrawn its offer to acquire at least 51 per cent of Singapore's Income Insurance for about US$1.63 billion (S$2.2 billion), the German company said in a statement on Monday (Dec 16). Reuters reported on Dec 13 that the German insurer has scrapped the proposed acquisition.
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Allianz withdraws offer to acquire Income Insurance after Singapore government interventionAllianz says it remains convinced it is the right partner to support Income Insurance's continued growth.
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Allianz withdraws Income acquisition offer following intervention by Singapore GovernmentGerman insurer Allianz has withdrawn its offer to acquire a majority stake in Income Insurance following the Singapore Government's move to block the proposed transaction. Under the proposed deal, Allianz would have acquired 51 per cent of Income for S$2.2 billion.
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Allianz withdraws $2.2b offer for Income InsuranceSINGAPORE — Allianz has withdrawn its offer to acquire at least 51 per cent of Singapore's Income Insurance for about US$1.63 billion (S$2.2 billion), the German company said in a statement on Monday (Dec 16). Reuters reported on Dec 13 that the German insurer has scrapped the proposed acquisition.
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The right outcome for Income? Not a merger with AllianzNTUC Income should end talk of a possible merger with Allianz and continue performing its role as a social enterprise.
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