Singapore stops the $1.7 billion Allianz-Income insurance deal

(Bloomberg) — Singapore’s government is seeking a proposed deal from Allianz SE to acquire a majority stake in Income Insurance Ltd. to buy in its current form, to stop it.

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“The government has assessed the proposed transaction and has determined that it would not be in the public interest for the transaction to proceed in its current form,” Culture, Community and Youth Minister Edwin Tong told parliament on Monday.

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