Newspaper article International New York Times

Setback in Anbang's Bid to Acquire a U.S. Insurer

Newspaper article International New York Times

Setback in Anbang's Bid to Acquire a U.S. Insurer

Article excerpt

Anbang, a leading Chinese business, withdrew an application with a New York regulator for its $1.6 billion takeover of Fidelity & Guaranty Life.

The giant Chinese conglomerate Anbang's planned $1.57 billion purchase of the American insurer Fidelity & Guaranty Life has run into difficulties.

Fidelity said that the Chinese company has withdrawn its application with New York State's financial regulator.

In a filing on Tuesday with the United States Securities and Exchange Commission, Fidelity, based in Iowa, said that Anbang Insurance Group's withdrawal last Friday of its application with the New York State Department of Financial Services was not final.

Fidelity said that it expected Anbang Insurance Group to refile in the "near future."

For Anbang, the withdrawal was the second unexpected setback this year in its plans to buy American companies. …

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