China's Anbang Insurance Group is to abandon its plans to buy USA annuity and life insurer Fidelity & Guaranty Life for US$1.6 billion after it failed to secure all the necessary regulatory approvals, according to media reports citing insiders.
China's Anbang Insurance Group will let its agreement to acquire USA annuities and life insurer Fidelity & Guaranty Life for US$1.6 billion (RM7.06 billion) lapse, after failing to secure all the necessary regulatory approvals, people familiar with the matter said yesterday.
This marks another failed takeover attempt in the U.S.by Beijing-based Anbang, following its abandoned attempt past year to acquire Starwood Hotels & Resorts Worldwide Inc. for $14 billion. Marriott International Inc. bought Starwood in the end.
From a signed merger agreement announced in November 2015, the deal has lasted a prolonged 17 months.
While Anbang's FGL acquisition had received clearance from the Committee on Foreign Investment in the United States (CFIUS), a USA government panel that scrutinizes deals for potential national security concerns, it could not get past some U.S. state regulators.
However, Anbang could not meet the conditions for any further extension, the sources said. Meanwhile, Anbang has to obtain approval from NY regulatory authorities, and it appears to have given up on that, Reuters added.
The sources asked not to be identified because the recent developments are confidential.
FGL declined to comment, while Anbang and Athene did not immediately respond to requests for comment.
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Established in 2004, Anbang attracted the world's attention when it bought the Waldorf Astoria Hotel in NY for US$1.95 billion in 2014.
Little is known about Anbang's funding and shareholding structure, partly because it is a private company.
Established in 2004, Anbang Insurance Group, a little-known Chinese insurer several years ago, has been at the forefront of a record wave of overseas acquisitions by Chinese companies.
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