China Oceanwide Sticks With Genworth Deal

Regulators at a federal agency, the Committee on Foreign Investment in the United States (CFIUS), are also reviewing the deal.

CFIUS is supposed to help the federal government analyze and block deals that might hurt the security of the United States. CFIUS has expressed concerns about the policyholder information Genworth holds. Genworth has been trying to ease those concerns by arranging for an outside company to take charge of the data.

Genworth filed a copy of the fourth deal period waiver agreement with the U.S. Securities and Exchange Commission. In the agreement, Genworth and China Oceanwide state that they can break up if CFIUS opposes the deal, or CFIUS or another regulator asks for changes that are unacceptable to either company, or to both companies.

Genworth notes that it and China Oceanwide are still seeking approval for the deal from regulators in China and other international jurisdictions as well as from U.S. regulators.

Tom McInerney, Genworth’s president, said in a statement that the companies have refiled their CFIUS deal notice.

Lu , chairman of China Oceanwide, said his company is pleased that Australia has approved the deal.

China Oceanwide is “are committed to diligently working with Genworth to obtain the remaining regulatory approvals and satisfy other conditions necessary to close the transaction,” Lu said.

— Read 5 Things Genworth Executives Told Wall Street on ThinkAdvisor.

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