China Blocks SoftBank’s $5.4 Billion ABB Robotics Deal
ABB said a Chinese foreign-investment security review prohibited the sale, while SoftBank shares fell in Tokyo on Thursday.
Key takeaways
- ABB said China prohibited the $5.4 billion sale of its robotics unit to SoftBank.
- SoftBank shares fell around 7% in Tokyo on Thursday.
China has blocked SoftBank Group’s $5.4 billion purchase of ABB’s robotics unit, ABB said, dealing a setback to SoftBank founder Masayoshi Son’s push into physical AI.
The deal was prohibited by China’s Office of the Working Mechanism for Foreign Investment Security Review, according to ABB’s statement. The Financial Times reported that SoftBank was assessing whether it could seek approval again.
SoftBank shares fell around 7% in Tokyo on Thursday. A company spokesperson declined to comment, according to The Japan Times.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
