Income-Allianz deal: ‘No guarantee’ that transaction will proceed, discussions still ongoing

SINGAPORE: Exactly one month after the authorities blocked a proposed bargain between Income Insurance and Allianz, the European employer said it has had several conversations, but has not reached a final selection.

In an update posted on the Singapore Exchange on Thursday ( Nov 14), the company stated that” these conversations are still ongoing and there is no guarantee that any deal will take place.” ” More presentations will be made when appropriate”.

Allianz, Income, its parent company NTUC Enterprise and their advisers have” studied carefully” &nbsp, the implications of&nbsp, Culture, Community and Youth Minister Edwin Tong’s speech in parliament over the past month, &nbsp, Allianz said.

Additionally, Income published a statement with the title “monthly release on possible deal with Allianz.”

It claimed to have had discussions about changes to the proposed exchange structure and that parliament last month approved the insurance act’s and governmental statements.

In accordance with applicable laws and regulations, Income Insurance will create additional announcements as and when there are significant developments that warrant reporting. &nbsp,

” NOT IN THE PUBLIC Fascination” FOR DEAL TO PROCEED

On July 17, Allianz announced its intention to purchase a majority interest in Income Insurance.

Although the Singaporean firm is a business entity, there was a cooperative-like nature, and people were concerned that Allianz’s decision to become the majority shareholder would undermine its unique cultural mission.

Tan Suee Chieh, Tan Kin Lian, and Ambassador-at-Large Tommy Koh, both of whom were against the proposed offer.

Although the deal would not be stopped, Mr. Tong just made the announcement in October that it would be stopped.