A Fairfield, Conn., conglomerate says it will be continuing to pull back from the life insurance industry.[@@]
The company, General Electric Company, says it will sell up to 82 million shares of Class A common stock issued by Genworth Financial Inc., Richmond, Va.
That deal and a related deal, which would involve Genworth buying more than $400 million in Genworth B common stock from GE at the net price GE receives for the Class A stock, could reduce GE’s stake in Genworth to about 51% of Genworth’s common stock, according to GE and Genworth.
Completion of the Class B deal would be contingent on the completion of the Class A deal, Genworth says.