Genworth And Chinese Firm Reiterate Commitment To Proposed Acquisition After U.S. Government Blocks Another Acquisition

1/5/18

By John Reid Blackwell, Richmond Times-Dispatch

Henrico County-based Genworth Financial Inc. on Thursday reiterated its commitment to being acquired by a China-based financial company, two days after the U.S. government blocked another high-profile acquisition of a U.S. firm by a Chinese company.

Genworth, an insurance company with thousands of employees in Virginia, has been trying to get federal government approval to be acquired by China Oceanwide Holdings Group Co. Ltd. The $2.7 billion deal was first announced in October 2016.

Acquisitions of U.S. companies by Chinese firms have been facing increased scrutiny and skepticism under the Trump administration, according to numerous media reports.

On Tuesday, the Committee on Foreign Investment in the United States, or CFIUS, a multiagency panel that reviews foreign acquisitions of U.S. companies, blocked the proposed sale of money-transfer service Moneygram to Ant Financial, an affiliate of Chinese company Alibaba.

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