Singapore will block a bid by German insurer Allianz to purchase a majority stake in Singapore’s Earnings Insurance coverage however stays open to a brand new deal if its issues could be addressed, Prime Minister Lawrence Wong stated in a Fb publish on Monday.
Tradition, Group and Youth Minister Edwin Tong had earlier instructed parliament it will not be within the public curiosity for the federal government to approve the deal in its present kind, which is valued at S$2.2 billion ($1.68 billion).
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Wong stated on Fb the federal government “got here throughout further data that gave us trigger for concern” whereas reviewing the proposed sale, with out elaborating.
“The Authorities has subsequently determined to not approve the transaction,” he wrote, however added there have been no issues over Allianz’s suitability to accumulate a majority stake in Earnings.
“Our issues are over the construction and phrases of this particular transaction,” wrote Wong.
“We stay open to a brand new deal that Earnings could pursue with Allianz or different companions, as long as our issues are absolutely addressed.”
Allianz proposed the deal in July as a part of its technique to strengthen its foothold in Asia, however confronted issues within the metropolis state with stakeholders fearful the German insurer would abandon prime shareholder NTUC Earnings’s social mission to supply reasonably priced insurance coverage for low-income staff.
Allianz, Earnings Insurance coverage and NTUC Earnings didn’t instantly reply to requests looking for remark.
(Solely the headline and film of this report could have been reworked by the Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)
First Revealed: Oct 14 2024 | 2:26 pm ist
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