Genworth, China Oceanwide re-file merger notice with CFIUS
In order to provide more time for review, Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. have withdrawn and re-filed their joint voluntary notice of merger plans with the Committee on Foreign Investment in the United States (CFIUS).
Under the refiling, CFIUS will complete a one-day review and move to a 45-day investigation period related to the merger, which both parties agreed to on Oct. 21, 2016.
"The refiling provides additional time for us to continue ongoing, productive conversations with CFIUS about the additional data security risk mitigation proposal that we presented to CFIUS in February," Tom McInerney, president and CEO of Genworth, said. "We believe our mitigation plan, which involves a U.S. third-party service provider, offers an effective solution for safeguarding the personal data of our policyholders."
Oceanwide chairman Lu Zhiqiang said that the company will “remain committed to this transaction, which will enable us to bring Genworth's expertise in long-term care and mortgage insurance to China as well as bring financial stability to Genworth and its businesses in the U.S."