NTUC Income-Allianz deal off after Singapore government intervenes, Edwin Tong tells parliament

The Singapore government has intervened to stop the proposed deal between NTUC Income and German insurer Allianz, Culture, Community and Youth Minister Edwin Tong told parliament in a ministerial statement on Monday (Oct 14). Under the proposed transaction, which was announced on Jul 17, Allianz would have acquired a majority stake in Income. "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," Mr Tong said. He added that the government is open to new arrangement if concerns that led to the transaction being blocked are addressed. More details: https://cna.asia/3zWJqfv