Allianz withdraws $1.63b takeover bid for Singapore's Income Insurance

Allianz withdraws $1.63b takeover bid for Singapore's Income Insurance

FILE PHOTO: Flags with the logo of Allianz SE, Europe's biggest insurer, are pictured before the company's annual shareholders' meeting in Munich, Germany May 3, 2017. REUTERS/Michaela Rehle/File Photo

Allianz has withdrawn its offer to acquire at least 51% of Singapore’s Income Insurance for about $1.63 billion, the German company said in a statement on Monday.

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