GE to Sell Remaining Stake in Genworth
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General Electric Co. said it planned to sell its remaining stake in Genworth Financial Inc. for about $2.8 billion as it exits the insurance sector and focuses on faster-growing businesses.
GE plans to sell to investors about 71.2 million Genworth Class A shares, worth about $2.31 billion. It also plans to sell to Genworth 15 million Genworth Class B shares at the same net price per share, worth about $486 million based on Monday’s closing price.
GE spun off Richmond, Va.-based Genworth in a $2.83-billion initial offering in May 2004.
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