Thursday, April 26, 2018

Genworth, China Oceanwide refile acquisition plan

Genworth Financial is once again seeking approval from government regulators to be acquired by a Chinese firm, China Oceanwide Holdings Group.

Genworth made the pronouncement as it aims to address maturing debt of about US$600 million.

Genworth and China Oceanwide Holdings said they have refiled their joint voluntary notice with the Committee on Foreign Investment in the US, a multi-agency panel that reviews foreign acquisitions of US companies.

In January, the US panel blocked Ant Financial’s bid to buy money-transfering service MoneyGram.

With the proposed Genworth deal, the panel has raised concerns about the security of US citizens’ private data.

Genworth, based in Virginia, said in December it was developing a “mitigation approach” wherein its customers’ personal information would remain under the control of a US-based third-party administrator.

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