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Genworth, China Oceanwide extend merger deadline

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Genworth, China Oceanwide extend merger deadline

Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. agreed to once again extend the deadline for their merger to close.

The latest agreement moves the deadline to no later than March 31, 2020, from Dec. 31, 2019.

The agreement also provides termination rights for China Oceanwide to the extent that regulators subsequently impose materially adverse conditions on the transaction. The parties will mutually agree upon a closing date after receiving all required regulatory approvals. If both companies are unable to agree on a closing date, each party has the right to terminate the merger agreement.

The companies are in discussions with the New York Department of Financial Services, whose previous approval of the deal expired earlier in the year, to secure appropriate reapproval. Meanwhile, certain regulators are reviewing supplementary information reflecting the Genworth Canada disposition to determine whether it has any impact on their existing approvals.

The transaction that has been delayed several times will require approvals from Fannie Mae and Freddie Mac, while China Oceanwide will also need to receive clearance from China's State Administration of Foreign Exchange, for the currency conversion and transfer of funds.