(Bloomberg) -- Allianz SE withdrew an offer to buy a majority stake in Singapore insurer Income Insurance Ltd. for about S$2.2 billion ($1.7 billion), following public backlash to the deal.

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The German insurer, which had originally announced its pre-conditional voluntary cash general offer for Income in July, decided to walk away from the deal following the government views on why the transaction should not proceed on its present terms and subsequent changes to the city-state Insurance Act, according to a statement on Monday, which confirmed an earlier Bloomberg News report.

“We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market’s continued growth and success,” said Renate Wagner, member of the board of management at Allianz responsible for the APAC region.

The Singapore government said in October that it wouldn’t be in the public interest to allow the deal to proceed in its current form. Allianz said at the time it would work closely with relevant stakeholders to consider revisions to the transaction structure.

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