Merger plan scrapped

Taiwan Life Insurance Co Ltd has said its shareholders have scrapped an earlier agreement to be purchased by CTBC Financial Holding Co Ltd.

The company made the announcement on the Taiwan's stock exchange website, without elaborating and officials at the company declined to comment. The two companies had announced in October 2013 that CTBC would buy 100 percent of Taiwan Life in a deal that would have been worth about USD890 million.

Taiwan regulators abruptly halted their review of the merger plan recently.