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4 January, 2018 00:00 00 AM
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US blocks sale of Moneygram to China’s Ant Financial

BBC

The US has blocked the $1.2b (£880m) sale of money transfer firm Moneygram to China’s Ant Financial, the digital payments arm of Alibaba, reports BBC.

It is the highest profile Chinese deal to be rejected by Washington since Donald Trump came to power.

Regulators overseeing foreign investments in the US had refused to support the takeover, the firms said.

The geopolitical environment had “changed considerably” since the merger was announced last year, they added.  The collapse is a blow to the ambitions of Alibaba’s executive chairman Jack Ma, who had promised President Trump that he would create a million US jobs.

Alibaba, which owns Ant Financial together with Alibaba executives, saw the US market as a way to expand overseas in the face of fierce domestic competition form the likes of Tencent’s WeChat.

But in a joint statement on Tuesday, Ant Financial and Moneygram said they had abandoned the deal “following the inability of the companies to obtain the required approval for the transaction from the Committee on Foreign Investment in the US, despite extensive efforts to address the Committee’s concerns,”

Reports suggest the committee had cited security concerns over the takeover.

Moneygram chief executive Alex Holmes said he was “disappointed” by the outcome and noted the “geopolitical environment has changed considerably” in the year since the deal was announced.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
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Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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