chinas ant financial drops moneygram deal
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

As US Approval Fails

China's Ant Financial drops MoneyGram deal

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleChina's Ant Financial drops MoneyGram deal

The decision to drop the MoneyGram.
Beijing - Muslimchronicle

Ant Financial, an affiliate of Chinese internet titan Alibaba, has been forced to abandon a $1.2 billion deal to buy US remittances firm MoneyGram after failing to get approval from regulators in Washington.

The decision by the Committee on Foreign Investment (CFIUS) will deal a blow to Alibaba boss Jack Ma's push into the world's biggest financial market and follows a number of moves to prevent Chinese purchases of US firms.

The companies jointly announced the termination of the proposed takeover on Tuesday, with MoneyGram chief executive Alex Holmes saying: "The geopolitical environment has changed considerably since we first announced the proposed transaction with Ant Financial nearly a year ago.

"Despite our best efforts to work cooperatively with the US government, it has now become clear that CFIUS will not approve this merger."

The deal, announced a year ago, had been submitted to the CFIUS several times, but failed to allay concerns about the security of US customers' data.

"We hope the US can create a level playing field and predictable environment for Chinese enterprises to invest and start up businesses in the US," Chinese foreign ministry spokesman Geng Shuang said during a regular news briefing in response to a question about the deal.

Controlled by Ma, Ant Financial -- which provides mobile payment, lending and credit services to a mostly Chinese clientèle -- has looked to expand abroad along with Alibaba, China's largest e-commerce platform.

Nasdaq-listed MoneyGram's shares sank in after-hours trading.

The two companies will still look to cooperate in other ways despite the setback, Doug Feagin, president of Ant Financial International, said in a statement.

"While Ant Financial won't have a direct ownership relationship with MoneyGram, we look forward to working closely with the MoneyGram team to make our platform even more accessible -- particularly to unbanked and underserved communities globally."

The news comes almost a year after Ma met then-President-elect Donald Trump, promising to bring a million jobs to the US.

The personal relationship did not sway the Trump Administration, though, which has launched a number of anti-dumping trade cases against China and is in the process of investigating it over intellectual property issues.

The administration labelled China a "revisionist" power last month.

The CFIUS, which reviews all foreign takeovers of US firms with potential national security concerns, has squashed a number of Chinese purchases of US businesses in recent years, as concern grows in Washington about selling critical technology to China.

In September, Trump blocked the sale of Oregon-based Lattice Semiconductor to private equity firm Canyon Bridge, its Chinese partner Yitai Capital and Yitai's parent the China Venture Capital Fund Corp over national security concerns.

The CFIUS has also thwarted takeovers of US chip makers Micron Technology and Sandisk by state-owned Tsinghua Unigroup.

Source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinas ant financial drops moneygram deal chinas ant financial drops moneygram deal

 



Themuslimchronicle, themuslimchronicle

GMT 09:23 2017 Wednesday ,19 April

1105 food baskets distributed in Yemen

GMT 09:35 2018 Monday ,08 January

Trump marijuana policy reversal stokes fears

GMT 11:09 2017 Saturday ,16 December

Russia poses risk to undersea cables: UK defense chief

GMT 09:56 2017 Thursday ,02 November

Digital subscriber gains rev up NY Times profit

GMT 01:38 2016 Thursday ,29 December

Iraqi President meets Kuwaiti Foreign Minister

GMT 17:37 2017 Tuesday ,21 February

Le Pen refuses to wear veil, fails to meet with Mufti

GMT 01:48 2016 Monday ,13 June

Pioneering solar pilots 'make sci-fi a reality'

GMT 18:45 2016 Wednesday ,21 December

Several Qaeda militants killed in drone strike

GMT 07:28 2018 Thursday ,11 January

As US freezes aid, Pakistan dismisses economic fears

GMT 11:14 2017 Sunday ,12 March

My video is flagrant but smashed the charts

GMT 09:21 2018 Wednesday ,10 January

unveils London boutique and appoints MG Empower

GMT 07:48 2018 Thursday ,04 January

L’Oréal Professionnel unveils Alexa

GMT 07:41 2017 Saturday ,19 August

Brief tourism impact from Spain attacks

GMT 00:02 2017 Friday ,22 December

UK-Iranian prisoner could be released

GMT 21:53 2016 Tuesday ,14 June

Israeli tech second only to Silicon Valley

GMT 00:25 2017 Friday ,27 October

Ex-HSBC executive can face US extradition: UK court

GMT 07:44 2017 Wednesday ,20 September

Iran asks award-winning film-maker to report to prosecutor

GMT 10:34 2017 Saturday ,11 November

Politics free? Even country music awards poke Trump

GMT 07:59 2017 Sunday ,17 December

Embassy in London marks Accession, National Days
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle