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The U.S. government has blocked the MoneyGram - Ant Financial (Alibaba) merger, after months of negotiations. The two plan to continue working together in the Asian remittances and digital payments space.
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Ant Financial in April upped the deal to buy MoneyGram to $18 a share, after a competitor came in with an unsolicited offer in the increasingly politicized takeover battle. The potential deal was first announced in January 2017. American depositary shares of Alibaba were flat late Tuesday, after ending the regular session up 6.5%. MoneyGram stock ended Tuesday's trading 1% higher.
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