China Oceanwide seeks more time for U.S. approval of Genworth deal
China Oceanwide seeks more time for U.S. approval of Genworth deal: China Oceanwide Holdings Group Co said on Friday it had refiled its application for U.S. approval of its $2.7 billion acquisition of life insurance company Genworth Financial Inc (GNW.N), in a bid to add more time to the regulatory review.
The two companies said they withdrew and relaunched their submission to the Committee on Foreign Investment in the United States (CFIUS), a secretive U.S. government panel that scrutinizes acquisitions for national security concerns.
Closing of the transaction still is targeted for the middle of 2017, the companies said in statement.
Genworth’s and China Oceanwide’s refiled CFIUS application triggers a new 30-day review period by the government body, with the possibility of a further 45-day investigation period, the statement added.
China Oceanwide, a Beijing-based investment firm founded by low-profile but well-connected billionaire Lu Zhiqiang, agreed in October to pay $2.7 billion in cash for all Genworth shares, plus a further $1.12 billion to cover debt belonging to the U.S. insurer which was spun out of General Electric in 2004.
It was a further example of Chinese investment into the U.S. financial sector, stemming from a desire among Chinese firms to diversify away from their home market. But not all such deals have been successful.
Earlier this month, Fidelity & Guaranty Life (FGL.N), a U.S. annuities and life insurer, said it has terminated its agreement to be acquired by China’s Anbang Insurance group. While it secured assent from CFIUS, the deal failed to garner approval from two U.S. states.
China Oceanwide seeks more time for U.S. approval of Genworth deal
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Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
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HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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