Allianz SE has scrapped a proposed $1.5 billion euro (S$2.2 billion) acquisition of a 51 per cent stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.

Allianz SE is close to scrapping a proposed S$2.2 billion ($1.6 billion) acquisition of Singapore’s Income Insurance Ltd. following public backlash to the deal, people with knowledge of the matter said.

Allianz SE has scrapped a proposed $1.5 billion euro acquisition of a 51% stake in Singaporean firm Income Insurance Ltd because of public opposition to the deal, a source familiar with the matter said.

German insurer Allianz SE (OTCPK:ALIZF) (OTCPK:ALIZY) is reportedly on the verge of abandoning its S$2.2B ($1.6B) bid to acquire Singapore's Income Insurance Ltd. The news comes after Allianz (OTCPK:ALIZF) struggled to address government concerns on the proposed deal,