The scrapping of the deal was announced in Parliament on Oct 14.
Allianz on July 17 made an offer to buy a controlling stake of at least 51 per cent in Income, in a deal that was valued at $2.2 billion.
“The Government has assessed the proposed transaction and has decided that it would not be in the public interest for the transaction, in its current form, to proceed,” he said. This included information which Allianz, Income and NTUC Enterprise had submitted to MAS initiatives to optimise the capital of Income after the deal is completed.
If not for the exemption, the $2 billion sum would have gone to the Co-operative Societies Liquidation Account to benefit the co-op movement in Singapore as a whole, he noted. This is covered under the legal framework for the winding up of a co-operative. There is also no clarity what Income might do after the capital extraction, be it adjust or trim its insurance portfolio.
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