China firm to buy US insurance giant Genworth for $2.7b

SHANGHAI: A Chinese conglomerate has agreed to buy New York-listed US insurance firm Genworth Financials for $2.7 billion (Dh9.92 billion), the latest in a Chinese buying spree of foreign assets. China Oceanwide Holdings, the founder and key shareholder of China Minsheng Bank, offered $5.43 per share for all outstanding shares of Genworth in an all-cash transaction, according to a joint statement Sunday. There have been a flurry of overseas acquisitions this year by Chinese firms seeking better returns and industrial know-how, with targets ranging from Hollywood studio Legendary to leading German robotics firm Kuka and Swiss seed giant Syngenta. (AFP)