SINGAPORE, OCT 14 – Singapore today acted to block a US$1.7 billion deal that allowed German insurance giant Allianz to buy a majority stake in a local insurer.
Allianz announced in July a voluntary cash offer to buy at least 51 percent of Income Insurance Singapore’s shares, subject to regulatory approval.
Income said it needed Allianz’s financial support to better compete in the industry.
However, the deal raised concerns among locals that majority ownership by a private company would undermine Income’s social mission to provide affordable insurance.
Income, a former co-operative which became an unlisted company in 2022, has the largest shareholder NTUC Enterprise, a holding entity for various social enterprises under the labor movement. – AFP
