Questions from a US regulator have prompted Anbang Insurance to drop an application for approval of its $1.57bn buyout of Fidelity & Guaranty Life, the latest regulatory hurdle faced by the Chinese company regarding a US acquisition.
Anbang withdrew an application seeking approval for the deal from New York’s Department of Financial Services on May 27, FGL said in a filing to the US Securities and Exchange Commission.
The company made the decision after the Department of Financial Services sought on numerous occasions “to obtain information necessary to review and process Anbang’s application”, the department said in a separate statement.
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