Genworth Financial Inc. has filed a shelf registration statement with the U.S. Securities and Commission that moves it closer to full independence from its parent, General Electric Company.[@@]
Genworth, Richmond, Va., says it filed the form to help General Electric, Fairfield, Conn., carry out plans to reduce its stake in Genworth over the next 2 years.
General Electric now owns 52% of Genworth’s common stock.
The shelf registration filing will let General Electric sell any or all of the 243.2 million shares of Genworth common stock held by a General Electric affiliate. However, the filing of the shelf registration statement does not obligate General Electric to sell any shares, Genworth says.