China firm to buy Genworth for $2.7b

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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 allcash 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. (AFP)