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U.S. Blocks Chinese Company's $1.2 Billion Takeover Of MoneyGram


Added 01-03-18 09:06:01am EST - “The rejection comes despite Chinese billionaire Jack Ma's attempts to form ties with the Trump administration; he visited Trump Tower in January of last year.” - Npr.org

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Posted By TheNewsCommenter: From Npr.org: “U.S. Blocks Chinese Company's $1.2 Billion Takeover Of MoneyGram”. Below is an excerpt from the article.

Alibaba Executive Chairman Jack Ma visited President-elect Donald Trump in January of 2017, as his company was launching an attempt to buy MoneyGram. Mike Segar/Reuters hide caption

Alibaba Executive Chairman Jack Ma visited President-elect Donald Trump in January of 2017, as his company was launching an attempt to buy MoneyGram.

Chinese billionaire Jack Ma's yearlong effort to buy U.S. money transfer company MoneyGram is now over, after American regulators objected to the $1.2 billion deal. Ma's Ant Financial Services Group has dropped its bid for the Dallas-based company.

Announcing the spiked merger, MoneyGram CEO Alex Holmes said, "The geopolitical environment has changed considerably since we first announced the proposed transaction with Ant Financial nearly a year ago."

Holmes added, "Despite our best efforts to work cooperatively with the U.S. government, it has now become clear that [the Committee on Foreign Investment in the United States] will not approve this merger."

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