China’s 1,400-Day Takeover Is the Deal That Refuses to Die
- Proposed Genworth takeover is remnant of $235 billion M&A boom
- Investors to learn this month if buyer Oceanwide has funding
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One of the last remaining deals of China’s now-aborted overseas acquisition spree is about to make its last attempt to limp across the finish line.
China Oceanwide Holdings Group Co., backed by property tycoon Lu Zhiqiang, agreed in October 2016 to take over Genworth Financial Inc. for $2.7 billion. The idea was to give Richmond, Virginia-based Genworth a much-needed injection of capital, while providing the Chinese company a platform for further global expansion and expertise it could bring back home.