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US blocks MoneyGram sale to Ant Financial

MoneyGram shares were down 8.5 per cent at $12.06 in after-market trading

Greg Roumeliotis | Reuters 

A US government panel rejected Ant Financial’s acquisition of US money transfer company MoneyGram International over national security concerns, the companies said on Tuesday, the most high-profile Chinese deal to be torpedoed under the administration of US President Donald Trump. The $1.2-billion deal’s collapse represents a blow for Jack Ma, the executive chairman of Chinese internet conglomerate Alibaba Group who owns Ant Financial together with Alibaba executives. He was looking to expand Ant Financial’s footprint amid fierce domestic competition from Chinese ...

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First Published: Thu, January 04 2018. 01:34 IST