Mitsui Sumitomo Insurance (MSI) has pulled out of share issue talks with Max Financial Services (MFS) and its subsidiary Max Life Insurance (MLIC), after the three failed to finalise definitive documents. The deal would have given MSI a 21.45% stake in MFS, in exchange for a 19.98% share of MLIC, which MFS would buy from MSI. In an email sent on Friday evening, MSI said it had decided not to proceed with the deal.
Mitsui Sumitomo Insurance (MSI) has pulled out of share issue talks with Max Financial Services (MFS) and its subsidiary Max Life Insurance (MLIC), after the three failed to finalise definitive documents. The deal would have given MSI a 21.45% stake in MFS, in exchange for a 19.98% share of MLIC, which MFS would buy from MSI. Although the transaction has been terminated, MFS will continue its joint venture operation with respect to MLIC.