 Bloomberg -- One of the last remaining deals of Chinas now-aborted overseas acquisition spree is about to make its last attempt to limp across the finish line.China Oceanwide Holdings Group Co., backed by property tycoon Lu Zhiqiang, agreed in October 2016 to take over Genworth Financial Inc. for 2.7 billion. The idea was to give Richmond, Virginia-based Genworth a much-needed injection of capital, while providing the Chinese company a platform for further global expansion and expertise it could bring back home.It was just one of the ambitious deals announced that year by Chinese companies, which agreed to buy 235 billion of overseas assets ranging from Hollywood film studios to trophy hotel properties. Nearly 1,400 days later, the transaction is still dragging on and Genworth shares closed Tuesday at 55 below the bid price.The deadline for Oceanwides proposed purchase has been extended 15 times, and its now been pending longer than any other takeover in the U.S. valued at 1 billion or more, according to data compiled by Bloomberg. Genworth investors will soon find out whether the deal will die.The Genworth saga -- all 3 34 years of it -- is unique not only given the length of time that has elapsed since the two sides agreed to the deal, but also because of the twists and turns that have occurred along the way, said Mark Palmer, an analyst at BTIG LLC with a neutral rating on the stock.When the deal was first announced, it looked like regulators would be the biggest hurdles. Government watchdogs asked questions about protecting customer data. A national-security review was extended, requiring the Chinese suitor to refile its application multiple times. The whole process took so long, some regulators had to review the transaction twice, as initial approvals expired without the deal closing.Now its a question of whether Oceanwide can stump up the money. As the deal dragged on, Oceanwide ran into new limits from the Chinese government on the amount of funds that can be taken out of the country. It has also experienced its own financial difficulties. Then came the coronavirus pandemic, prompting Oceanwide to seek extra time to finalize its financing.While Genworth management have said theyre committed to closing the deal, theyve also started preparing Plan B: a potential listing of the companys U.S. mortgage insurance unit. Under the latest extension agreement, Oceanwide has until the end of September to close the deal and needs to show evidence by Aug. 31 that its got access to the funds it needs.Genworth shares rose as much as 3.6 in Wednesday morning trading. They were up 1.4 at 10:06 a.m. in New York.Investors remain skeptical that Oceanwide will be able to raise the financing, said Aaron Glick, a special situations specialist at Cowen Inc. A price cut isnt out of the question and may ultimately be the most logical outcome, Glick said.For his part, Oceanwides Lu said last month he is determined to see the strategically important deal through. Representatives for Oceanwide and Hony Capital, the Chinese private equity firm thats in talks to provide debt funding, didnt immediately respond to requests for comment.Limited OptionsA spokeswoman for Genworth said the need to seek clearance from five countries and six states was the main reason for the delays. When final approvals were received in March, the coronavirus pandemic had spread around the world, which has affected many deals, she said. The company will provide updates on the transaction in due course, she said.Genworths options are limited because of the potential downsides from its long-term care insurance business, according to BTIGs Palmer. The company is worth significantly less than Oceanwides bid on a sum-of-the-parts basis, so the Chinese takeover offer remains the best option for Genworth shareholders, he said.Genworth has been willing to pursue the deal so long because the alternative of going it alone is unattractive, Palmer said. They are willing to play this to the end, one way or the other.Updates with Wednesday trading in ninth paragraphFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.2020 Bloomberg L.P. 