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Ant Financial drops deal with MoneyGram as US approval fails

Move a blow to Alibaba boss Jack Ma's push into the world's biggest financial market

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Ant Financial, an affiliate of Alibaba, and MoneyGram will still look to cooperate in other ways despite the setback.

Beijing

ANT Financial, an affiliate of Chinese internet titan Alibaba, has been forced to abandon a US$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...

sentifi.com

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