Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Genworth Financial (NYSE: GNW) have surged higher premarket on Mondy after a report by Dealreporter stated that Oceanwide expects to provide evidence that it has secured financing for its purchase of GNW.
The news comes just in time as the deadline for China Oceanwide was later on today.
Dealreporter stated that a source had told them that Oceanwide has $1 billion of offshore debt funding and a further $945 million of onshore RMB funding.
The announcement of the funding is expected soon, and Oceanwide expects its planned purchase of Genworth to close by its 30th of September deadline.
GNW share price…
Shares in Genworth have surged, currently trading at $3.34, after a 40.93% move to the upside and reaching a level not seen since early June. However, its stock price is down 46% for the year to date.
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