The most important theme in global M&A has become a game of chess being played by two shadowy committees with vastly different priorities.
On one side of the board: the Committee on Foreign Investment in the United States (CFIUS). Under Trump, the attitude to Chinese ownership of US assets has become belligerent.
The rejection of the Ant Financial bid for MoneyGram is the most obvious example, but the truth is anything at all involving a remotely sensitive area – data, artificial intelligence, semiconductors, robotics – is now off the table.
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