United States blocks sale of Moneygram to Chinese firm

Chinese firm abandons plan to merge with Dallas-based MoneyGram as US regulators raise red flags

The U.S. has blocked the $1.2 billion sale of money-transfer service Moneygram to Ant Financial, an affiliate of Chinese e-commerce giant Alibaba - the latest sign of strain in the U.S.

The rejection comes despite Ma's attempts to form ties with the Trump administration; he visited Trump Tower in January of previous year.

"The regulatory uncertainty will certainly make Chinese buyers further head for other countries such as Germany, the United Kingdom and Israel for foreign assets", said one China-focused M&A lawyer at a global law firm, who did not wish to be named because he was not authorised to speak with the media.

According to Reuters, the committee's concerns centered on the safety of financial data that could be used to identify us citizens.

The largest was the dropping by the Chinese insurer Anbang of a surprise $15 billion bid for Starwood Hotels in 2016.

Chinese companies are on a global buying spree to acquire technology and brands.

"In the last 30 days of 2017, the US government launched a Section 301 investigation into Chinese intellectual property and technology transfer, self-initiated probes into Chinese-made aluminum products, and rejected China's market economy status at the World Trade Organization", Xinhua said in a commentary on Wednesday.

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Cabello also thanked her fans on Twitter for their support. "I just wanted to do that and it did not work". "Today's the first day where I can really just enjoy it, and I can enjoy it being out".

However, the USA government has blocked the acquisition of Moneygram over national security concerns, according to "Reuters". But despite "extensive efforts" to address the concerns of the CFIUS, the companies could not obtain the required approval and the deal was mutually terminated today.

Xinhua said on Wednesday the U.S.

Ant Financial president, Doug Feagin, echoed the excitement around the revised partnership and said he was encouraged by the innovation opportunities it presented. Alibaba has been better able to compete globally than United States based tech firms due to stifling regulation that protects legacy finance while undermining competition and the ability for new services to evolve.

Chinese groups have already begun adapting to the difficulty in getting deals passed. It later raised its bid to about US$1.2 billion after Euronet Worldwide lodged an unsolicited competing offer, the Journal noted. Instead of equity, it opted to lend the group $841 million.

The company had to submit the proposed merger to CFIUS several times, but failed to allay concerns about the security of U.S. customers' data.

The Chinese behemoth was forced to raise its initial offer for MoneyGram back in April after Euronet stepped into the fray. Prior to the Trump administration, just three deals had been blocked over the past 27 years. "We can not afford to ignore well-coordinated Chinese investments that target our critical and financial infrastructure", they added.

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