Genworth, China Ocean extend merger deadline for 9th time

China Oceanwide Holdings

15/03/2019 12:26

** Shares of Genworth Financial Inc  GNW.N  rise ~5 pct to
$4 in premarket trading
    ** Co and China Oceanwide Holdings Group  0715.HK  extend
their merger deadline for 9th time to allow them to satisfy U.S.
financial regulators, Canadian regulators as well as to get
clearance in China
    ** Delays previous deadline of March 15, 2019 to April 30
    ** Oceanwide agreed in Oct 2016 to pay $2.7 bln in cash to
acquire Genworth
    ** Co says Canadian regulators have not outlined a time
frame for completion of their review and deal still needs nod
from the U.S. FINRA  urn:newsml:reuters.com:*:nPnbNhBPBa
    ** Oceanwide will also need to receive clearance in China
for currency conversion and transfer of funds
    ** GNW is down ~18 pct so far this year, after a 50 pct
surge in 2018

 (Reporting by Sruthi Shankar in Bengaluru)
 ((sruthi.shankar.reuters.com@reuters.net))