Taiwan's CTBC scraps purchase deal with Taiwan Life

TAIPEI, June 16 Mon Jun 16, 2014 2:19am EDT

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TAIPEI, June 16 (Reuters) - Taiwan Life Insurance Co Ltd said on Monday its shareholders have scrapped an earlier agreement to be purchased by CTBC Financial Holding Co Ltd, parent of Taiwan's top credit card issuer.

The company made the announcement on the website of Taiwan's stock exchange, without elaborating and officials at the company declined to comment. Officials with CTBC could not be reached for comment.

The two companies had announced in October that CTBC would buy 100 percent of Taiwan Life in a deal that would have been worth about $890 million.

Taiwan regulators halted their review of the merger plan in April, without giving a reason. (Reporting by Michael Gold; Editing by Matt Driskill)

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