New York State Department of Financial Services Reapproves China Oceanwide’s Acquisition of Genworth Life Insurance
New York State Department of Financial Services reapproved a previous proposal for China Oceanwide Holdings Group Co. Ltd. (Oceanwide)’s acquisition of Genworth Life Insurance Company of New York (GLICNY). Genworth Financial, the parent company of Genworth Life Insurance, reported the news with Oceanwide on March 24. The New York State Department of Financial Services had previously approved the acquisition, but that approval expired in March 2019.
Sonal detected the event and alerted subscribers at 7:00 am. The next trade of Genworth stock took place at 7:15 am for $3.15. Genworth’s stock price moved higher after the announcement, and it continued to rise on the following day. Genworth closed at $4.05 on March 25 for a gain of 29%.
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