Here’s Why Genworth Financial Stock Is Soaring Today
On a turbulent day for the stock market, insurer Genworth Financial (NYSE: GNW) is among the biggest winners. As of noon EST, the insurer's shares are about 13% higher on the day.
The reason is that the long-awaited acquisition of Genworth looks like it may actually happen. Without getting too deep into the details, Genworth and proposed acquirer China Oceanwide Holdings have reached an agreement in principle with the New York State Department of Financial Services, which is one of the few remaining roadblocks for the acquisition.
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Source Fool.com
