US insurer FGL pulls out of acquisition by China’s Anbang
2017-04-19 13:10:00

US annuities and life insurer Fidelity & Guaranty Life (FGL) confirmed on Tuesday it has terminated its agreement to be acquired by Anbang Insurance Group Co Ltd, becoming the latest deal involving the Chinese insurer to have fallen through in recent years.

It was reported earlier that China's Anbang Insurance Group will let its agreement to acquire FGL for 1.6 billion US dollars lapse, after failing to secure all the necessary regulatory approvals.?

Anbang did not immediately respond to requests for comment.

FGL said in a statement it was looking at alternative strategies and "has received interest from a number of parties."

The failed FGL deal follows Anbang's abandoned attempt last year to acquire Starwood Hotels & Resorts Worldwide Inc for $14 billion, which is the most high-profile deal Anbang has abandoned.

Source:CGTN Editor:Hiram