China Oceanwide acquisition of Genworth Update
Last week, Genworth Financial Inc. (GNW) and China Oceanwide Holdings Group Co. Ltd. (CO) agreed to extend (again) the deadline for their proposed merger, to no later than September 30, 2020. This is now the 15th extension of the original agreement from October 2016. There are some new conditions that are part of this latest extension, which include that CO must demonstrate to GNW that it has $1.0 billion of funds available from its sources in Mainland China to fund the acquisition.