Richmond Occasions-Dispatch (VA)
The deadline for Genworth Monetary Inc.'s proposed $2.7 billion acquisition by a China-based funding firm is being delayed but once more as the businesses proceed to hunt regulatory approvals for the deal.
Henrico County-based Genworth and China Oceanwide Holdings Group Co. Ltd. mentioned late Wednesday that they've agreed to increase the deadline for the merger from Jan. 31 to March 15.
The acquisition, which was first introduced in October 2016, acquired the ultimate clearances wanted from state insurance coverage businesses in the US earlier this month.
The deal nonetheless must be accredited by regulators in Canada and by the U.S. Monetary Business Regulatory Authority. As well as, Oceanwide should get clearance from regulators in China for foreign money conversion and the switch of funds.
The highest executives for each firms mentioned in statements Thursday that they continue to be dedicated to the deal.
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