Allianz has withdrawn its offer to acquire at least 51% of Singapore's Income Insurance for about $1.63 billion, the German company said in a statement on Monday. Reuters reported on Dec. 13 that the German insurer has scrapped the proposed acquisition.

SINGAPORE: German insurer Allianz on Monday (Dec 16) announced that it has withdrawn its offer to acquire a majority stake in Income Insurance. This comes after the Singapore government raised concerns about the proposed deal, which was first announced on Jul 17 .

Allianz SE is close to scrapping a proposed S$2.2 billion ($1.6 billion) acquisition of Singapore’s Income Insurance Ltd. following public backlash to the deal, people with knowledge of the matter said.

Allianz SE has scrapped a proposed $1.5 billion euro acquisition of a 51% stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.

German insurer Allianz SE (OTCPK:ALIZF) (OTCPK:ALIZY) is reportedly on the verge of abandoning its S$2.2B ($1.6B) bid to acquire Singapore's Income Insurance Ltd. The news comes after Allianz (OTCPK:ALIZF) struggled to address government concerns on the proposed deal,