Reuters: Regulatory News: UPDATE 1-Highfields ups Genworth stake, to discuss options for MI unit

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UPDATE 1-Highfields ups Genworth stake, to discuss options for MI unit Jun 28th 2012, 17:57 Thu Jun 28, 2012 1:57pm EDT * To discuss options for U.S. MI unit June 28 (Reuters) - Hedge fund Highfields Capital raised its stake in Genworth Financial Inc and said it expects to discuss options for the insurer's U.S. mortgage insurance operations and other businesses. Genworth's shares rose as much as 7 percent. They were trading up 5 percent at $5.15 in afternoon trade on the New York Stock Exchange. The discussions would include a possible sale or spin-off of assets, the hedge fund said in a filing with the U.S. Securities and Exchange Commission. Highfields, which had reported a 3.8 percent stake as of March 31, now owns 5.2 percent of the insurer. The hedge fund said it has maintained an on-going dialogue with Genworth regarding performance, allocation of capital and structural issues. Genworth's U.S. mortgage insurance unit has been losing money as it continues to deal with souring mortgages insured at the height of the housing boom.

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