-=Genworth Financial (GNW) sinks on further delay in closing of China Oceanwide transaction

• GNW and Oceanwide have agreed to a fifteenth waiver and agreement of each party's right to terminate their pending merger agreement, extending the previous deadline of June 30 to no later than September 30. Co "continue[s] to believe the transaction represents the best and most certain value for [co's] shareholders." The transaction has now been moving toward closing for circa 3.5 years. Co indicated that given this latest delay, co is taking steps to address its near-term liabilities; steps are expected to include a debt offering and working toward launching a 19.9% IPO of its US Mortgage Insurance business, in the event the China Oceanwide transaction is terminated. The companies also agreed to additional interim milestones upon which co's right to terminate the merger as of August 31 may be contingent. At multi-year lows.

=Genworth Financial (GNW) :U.S. security panel approves purchase by Oceanwide

Genworth Financial receives approval from CFIUS to move forward with proposed China Oceanwide and Genworth Financial transaction  

• China Oceanwide Holdings Group Co and Genworth Financial announced that the Committee on Foreign Investment in the United States (CFIUS) has completed its review of their proposed transaction and concluded that there are no unresolved national security concerns with respect to the proposed transaction. This satisfies one of the conditions to the closing of the proposed transaction.
• In connection with the CFIUS review of the proposed transaction, Genworth and Oceanwide entered into a mitigation agreement which, among other things, requires Genworth to use a U.S.-based, third-party service provider to manage and protect the personal data of Genworth's U.S. policyholders.
• The closing of the transaction remains subject to other conditions, including the receipt of required regulatory approvals in the U.S., China and other international jurisdictions. Genworth and Oceanwide are engaging with the relevant regulators regarding the pending applications.

=Genworth Financial (GNW) reported earnings on Tue 6 Feb 2018 (a/h)

• Genworth Financial posts 4Q profit

RICHMOND, Va. (AP) _ Genworth Financial Inc. (GNW) on Tuesday reported fourth-quarter net income of $353 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Richmond, Virginia-based company said it had net income of 70 cents. Earnings, adjusted for non-recurring gains, came to 65 cents per share.

The financial services company posted revenue of $1.69 billion in the period. Its adjusted revenue was $1.64 billion.

For the year, the company reported net income of $817 million, or $1.63 per share, swinging to a profit in the period. Revenue was reported as $8.3 billion.

• Genworth, Oceanwide renew application for $2.7 bln merger assent

NEW YORK, Feb 6 (Reuters) - Genworth Financial Inc said Tuesday its application for assent to a takeover by China Oceanwide Holdings Group Co Ltd had been refiled, after agreeing changes the duo hope will alleviate U.S. regulatory concerns.

The transaction, first announced in October 2016 and valuing the U.S. insurer at $2.7 billion, has been repeatedly delayed by an inability to secure the approval of the Committee on Foreign Investment in the United States (CFIUS), which screens foreign takeovers of American companies for national security issues.

While CFIUS has not killed all deals involving Chinese buyers in recent times - at least a handful were approved in 2017 - the panel has been increasingly skeptical of Chinese transactions under the administration of President Donald Trump.

Genworth and Oceanwide had refiled their CFIUS application and provided the group with "detailed information about an additional data security risk mitigation proposal involving a U.S. third-party service provider", according to Genworth's fourth-quarter earnings statement.

It provided no further information on what the data security measures entail. Analysts have said previously that CFIUS is likely concerned by the prospect of potential access by Chinese state actors to Americans' personal information.

Genworth also said Tuesday that it would seek secured debt to address an upcoming maturity, given the delay in securing approval for the acquisition, with further details to be announced "upon the planned launch in the near future".

The insurer had warned in October it was evaluating options, including asset sales and debt refinancing, to address around $600 million of debt coming due in May 2018.

It is the third refiling of the CFIUS application by Genworth and Oceanwide. The government body has 75 days from the submission date to approve the deal, although if no conclusion is reached in that time then the merging parties can withdraw and refile their application and start a new 75-day clock.