Genworth Financial Inc, the US parent of Genworth Mortgage Insurance Australia, is the target of a friendly takeover offer from China Oceanwide Holdings Group Co. China Oceanwide is a privately held, family owned international financial holding group founded by Lu Zhiqiang. Genworth is responsible for about half of the lenders' mortgage insurance business in Australia.A statement on the Genworth Australia website yesterday echoed a similar announcement from its parent company, headquartered in Richmond, Virginia, that the two companies "have entered into a definitive agreement under which China Oceanwide has agreed to acquire all of the outstanding shares of Genworth Financial, Inc for a total transaction value of approximately US$2.7 billion, or US$5.43 per share in cash".This was a 4.2 per cent premium over Genworth's Friday closing price, according to CNBC.The statement yesterday from Genworth Financial in New York confirmed that "as part of the transaction, China Oceanwide has additionally committed to contribute to Genworth US$600 million of cash to address the debt maturing in 2018, on or before its maturity, as well as $525 million of cash to the US life insurance businesses. This contribution is in addition to $175 million of cash previously committed by Genworth Holdings to the US life insurance businesses."The deal is subject to approval by Genworth Financial's stockholders "as well as other closing conditions, including the receipt of required regulatory approvals," the Genworth statement added.Upon completion of the transaction, Genworth Financial will be a standalone subsidiary of China Oceanwide, with the new owner intending "to maintain its existing portfolio of businesses, including Genworth Australia."