NTUC Enterprise and Income Insurance reject former CEO Tan Suee Chieh's criticisms of the $2.2bn acquisition of Income Insurance by Allianz.
NTUC Enterprise and Income Insurance have rejected former NTUC Income CEO Tan Suee Chieh's criticisms regarding the proposed $2.2bn acquisition of Income Insurance by German insurer Allianz. Tan objected to the deal, which would see Allianz acquire a controlling stake of at least 51%. The joint statement by NE and Income Insurance states that the claims were "unwell-founded and unfair", and that minority shareholders' interests are prioritised in the transaction. Allianz's financial strength and global capabilities could create a highly competitive composite insurance powerhouse with NTUC Enterprise, ensuring the continuation of Income Insurance's social mission.
August 04, 2024
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