China Oceanwide, a privately held, family owned international financial holding group, terminated the acquisition of Genworth Financial, a Fortune 500 insurance holding company, for $2.7bn. "The China Oceanwide transaction is the result of an active and extensive review process conducted over the past two years under the supervision of the Board and with guidance from external financial and legal advisors. The Board is confident that the sale of the company to China Oceanwide is the best path forward for Genworth's stockholders," James Riepe, Genworth Chairman.