January 3, 2018 / 10:09 PM / in a year

Genworth says new mitigation in Oceanwide deal will be "more robust"

WASHINGTON, Jan 3 (Reuters) - China's Oceanwide Holdings Co Ltd and insurer Genworth Financial Inc are working to amend a proposed deal in hopes of winning approval from a U.S. national security panel, Genworth said in a statement on Wednesday.

Oceanwide agreed in October 2016 to pay $2.7 billion in cash for all Genworth shares.

Genworth, which recently extended a deadline to complete the deal to April 1, said it had been working on ways to allay concerns expressed by the U.S. Committee on Foreign Investment in the United States (CFIUS), which assesses deals to ensure they do not harm national security.

"Genworth and China Oceanwide have been working with a leading U.S. third party data administrator to implement an additional mitigation approach that further protects our U.S. customers' personal private data," Genworth spokeswoman Julie Westermann said in a statement.

"We believe further protecting the personal information of our U.S. customers makes our overall mitigation plan more robust than previous CFIUS filings. We expect to file our new mitigation plan in the near term," she said. (Reporting by Diane Bartz; Editing by Susan Thomas)

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