US insurer American International Group (AIG) has ended its talks to buy three Hyundai Group-affiliated financial companies because it was unable to secure a key concession from the South Korean government.

The collapse of the 18-month talks means the end of a deal that would have been the largest foreign investment in the country's financial sector.

The three companies were Hyundai Securities, Hyundai Investment Trust & Securities and its unit Hyundai Investment Management.

AIG and WL Ross, a US investment company, had been in talks with the Korean government to buy controlling stakes in the three companies for about KRW1.1trn (£580m).

AIG said in a statement: "Despite the best efforts of all the parties concerned, it appears that an agreement will not be attained."

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