Ant Financial may have to re-tool its global ambitions after stiff U.S. opposition scuppered what would have been its largest overseas acquisition.
The Chinese financial services giant controlled by Alibaba co-founder Jack Ma abandoned a plan to buy MoneyGram International Inc. after failing to win approval for the deal from a key government panel. China’s largest online wealth management and payments service may now have to throttle back plans to expand in the world’s largest financial market as it begins preparations to go public in the next year or so.
The end of the bid comes almost a year after Ma met
