More changes are being made in Genworth Financial Inc.’s long-delayed plan to be acquired by the China-based investment firm China Oceanwide Holdings Group Co. Ltd.
Henrico County-based Genworth, an insurance company with thousands of employees in Virginia, said Wednesday that the two companies are developing a new capital structure for the deal, after failing to reach an agreement with state insurance regulators in Delaware over the fair market value of the company’s business unit called Genworth Life and Annuity Insurance Co.
As a result, the two companies have decided not to pursue a planned “unstacking” of that business unit, which had been a key part of the merger deal aimed at freeing up dividends from the life insurance business for the parent company.
