MoneyGram's Potential Sale to Jack Ma Firm Faces New Obstacle: Politics

Chinese billionaire Jack Ma's latest U.S. expansion plan is facing rising political obstacles.On Friday, two members of the House of Representatives urged the Committee on Foreign Investment in the U.S. to conduct a "full and thorough" investigation of Ant Financial's proposed acquisition of MoneyGram International Inc., a Dallas-based money-transfer service."The proposal merits careful evaluation as it would provide Chinese access to the U.S. financial infrastructure, a move that would pose significant national security risks if completed," Congressman Kevin Yoder and Congresswoman Eddie Bernice Johnson wrote in a letter to Treasury Secretary Steven Mnuchin.Formerly a financial-services affiliate of Alibaba Group Holding Ltd. and controlled by Ma, Ant made its bid in January for $880 million, or $13.25 a share. In March, Leawood, Kansas-based rival Euronet Worldwide Inc. came in at $15.20, saying its offer had a better chance at regulatory approval.   Continue reading...