China’s Anbang Insurance Group Co Ltd [ANBANG.UL] will try for a second time to buy U.S. life insurer Fidelity & Guaranty Life (FGL.N) after the Chinese firm put on hold its acquisition plan earlier this week, the South China Morning Post reported on Friday.
Anbang withdrew its application to buy Fidelity & Guaranty Life after failing to provide information requested for processing the deal, New York state’s financial services regulator said on Tuesday.
The Chinese group will be able to resubmit its application if it provides the necessary information, the regulator said.
Anbang will try a second time with a “refiled acquisition application” to the New York regulator, the newspaper reported, citing a person with knowledge of the plan.
“Anbang will continue to work with Fidelity & Guaranty Life to complete the deal,” the newspaper quoted the person as saying, without elaborating.
Anbang did not immediately respond to a Reuters request for comment.
Privately owned Anbang agreed in November to buy the annuities and life insurer for $1.57 billion.
Fidelity said in a statement earlier this week that Anbang was working with the regulator to secure approval for the acquisition, and that Anbang expects to refile an application in the near future.
Source: Reuters.com