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Genworth and China Oceanwide Push Deal Deadline Back

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Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. have announced a 10th deal completion deadline extension.

The new extension will push the deadline back to June 30, from today, the companies said Monday.

(Related: Ameriprise Says Its LTCI Has Extra Genworth Life Credit Woe Protection)

China Oceanwide — a Beijing-based real estate developer and financial services company — first announced plans to acquire Genworth in October 2016.

Genworth is a Richmond, Virginia-based company that’s still a significant mortgage insurance issuer and is still selling long-term care insurance (LTCI). It has large blocks of life insurance, annuities and LTCI still in force.

Genworth has said that it will report on its first-quarter earnings later today and hold a conference call with securities analysts at 8 a.m. Eastern Daylight Time Wednesday.

The companies have received approvals for the deal from U.S. insurance regulators, but they still need approvals from U.S. mortgage guarantee agencies and from financial services regulators and other regulators outside the United States.

China Oceanwide has also has had to cope with abrupt changes in China’s views on its companies’ development projects and overseas investments. The company has been working on efforts to free up cash by selling two large real estate development projects in China.

“The closing of the transaction remains subject to the receipt of regulatory approval in Canada,” the companies said in the new deal deadline extension announcement. “In addition, Oceanwide will need to receive clearance in China for currency conversion and the transfer of funds. ”


Information about how to listen to the Genworth conference call is available here.

— Read Genworth Has Canada Problemson ThinkAdvisor.

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