AFP, New York :
US insurer Fidelity & Guaranty Life said Monday it was terminating a proposed $1.6 billion deal to be acquired by China’s Anbang Insurance Group.
“We have determined that it is no longer in the best interests of FGL’s shareholders to continue to pursue the transaction with Anbang,” said Fidelity chief executive Chris Littlefield in a news release.
FGL said it was open to a deal with another party and had received interest from “a number of parties” but had been barred from striking another deal while the Anbang transaction was alive.
