China blocks SoftBank's $5.4 billion takeover of ABB's robotics division
China blocks SoftBank’s $5.4 billion takeover of ABB’s robotics division, FT reports
According to a Financial Times report cited by Reuters, China has rejected SoftBank's proposal to acquire ABB's robotics segment for $5.4 billion. The National Development and Reform Commission (NDRC) blocked the deal due to concerns that transferring robotics data overseas could facilitate the training of AI models, including those developed by OpenAI, in which SoftBank holds a major investment. China represents around 30% of ABB's robots business. While SoftBank had agreed to the purchase in October of the previous year, the deal was expected to be approved until last week before this intervention. Shares of SoftBank saw minimal change following the report, and neither SoftBank nor ABB immediately responded to requests for comment.
China's National Development and Reform Commission (NDRC) has blocked a proposed $5.4 billion acquisition of ABB's robotics division by SoftBank, citing concerns over the transfer of robotics data overseas for AI model training; this decision impacts China, which accounts for approximately 30% of ABB's robots business.
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s robotics business in October last year, as CEO Masayoshi Son sought to establish SoftBank as a core player in the development of artificial intelligence • SoftBank had expected the deal to be approved until last week, the newspaper said • China is ABB's biggest robots market, representing around 30% of its robots business • The NDRC was concerned about robotics data being transferred overseas, where it could be use
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China blocks SoftBank’s $5.4 billion takeover of ABB’s robotics division, FT reports
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d to train AI models, including those developed by OpenAI, in which SoftBank is a major investor, the FT report added • SoftBank shares, already down about 5% in Tokyo, changed little after the FT report • Reuters could not immediately verify the report. SoftBank and ABB did not respond to Reuters' requests for comment. China's NDRC could not be reached. (Reporting by Sumedha Mukherjee in Bengaluru; Editing by Mrigan
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Nov 5 (Reuters) - China has told Japanese investor SoftBank it will not allow the $5.4 billion acquisition of the robotics segment of Swiss engineering group ABB to go ahead, the Financial Times reported on Thursday, citing multiple people familiar with the matter. Here are some details: • China's National Development and Reform Commission (NDRC) would block the deal, the report said • Softbank had agreed to buy ABB'
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