Trump agenda threatens Chinese tycoon’s US deal

New York — Chinese billionaire Jack Ma’s latest US expansion plan is facing rising political obstacles. On Friday, two members of the House of Representatives urged the committee on foreign investment in the US to conduct a "full and thorough" investigation of Ant Financial’s proposed acquisition of MoneyGram International. "The proposal merits careful evaluation as it would provide Chinese access to the US financial infrastructure, a move that would pose significant national security risks if completed," Kevin Yoder and Eddie Bernice Johnson wrote in a letter to treasury secretary Steven Mnuchin. Ant made its bid in January for $13.25 a share. In March, US rival Euronet Worldwide came in at $15.20, saying its offer had a better chance of regulatory approval. MoneyGram entered a confidentiality agreement with Euronet in late March to further consider its proposal.

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Subscribe Sign in

Cancel anytime.

Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

SIGN UP

SIGN IN

Please read our Comment Policy before commenting.