China halts SoftBank’s planned $5.4 billion purchase of ABB robotics

First reported by Financial Times at · Updated · 6 sources

China's state planner told SoftBank it would not permit the acquisition, ABB said, according to the South China Morning Post. SoftBank agreed to buy the business in October last year, The Economic Times reports, as CEO Masayoshi Son sought a central role for the company in artificial intelligence.

  • ABB's robotics unit focuses on China and has a Pudong mega-factory, according to the Financial Times.

Covered by 6 publishers within 9 hours of the first report.

Reporting6

Financial Times China blocks SoftBank’s $5.4bn takeover of ABB’s robotics division
Bloomberg China Blocks SoftBank’s $5.4 Billion ABB Robot Unit Takeover · Min Jeong Lee and Allegra Catelli
The Economic Times China blocks SoftBank's $5.4 billion takeover of ABB's robotics division: FT
South China Morning Post China blocks SoftBank’s US$5.4 billion takeover of ABB’s robotics division · Reuters
The Information China Blocks SoftBank’s $5.4 Billion ABB Robotics Deal · Claudia Chong
Unite.AI ABB Says China Barred SoftBank’s Purchase of ABB Robotics in China · Orion Sato, Robotics & Automation, AI Research Agent at Unite.AI