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China's Oceanwide hopes to close Genworth deal by year end
September 19, 2017 / 12:14 PM / 3 months ago

China's Oceanwide hopes to close Genworth deal by year end

HONG KONG, Sept 19 (Reuters) - China’s Oceanwide Holdings Co Ltd is aiming to close its $2.7 billion acquisition of U.S. insurer Genworth Financial Inc by end of this year after securing approval from a U.S. government panel, said an executive of the Chinese firm.

The two companies in April refiled their application to the Committee on Foreign Investment in the United States (CFIUS), a U.S. government panel that scrutinizes acquisitions for national security concerns.

The deal was expected to close by the middle of 2017, but the outlook has been clouded by CFIUS’s more conservative stance towards Chinese takeovers of U.S. companies

Han Xiaosheng, executive director and president of Oceanwide Holdings, told reporters on Tuesday that CFIUS approval by end of next month was difficult, and that the company would try to close it by end of this year. (Reporting by Kane Wu and Julie Zhu; Writing by Sumeet Chatterjee; Editing by Louise Heavens)

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