China Blocks SoftBank's $5.4 Billion Acquisition of ABB Robotics Business

The Chinese government has blocked SoftBank Group's $5.4 billion acquisition of ABB's robotics business. The Foreign Investment Security Review Office under the National Development and Reform Commission prohibited the transaction. ABB and SoftBank are in communication regarding the deal, seeking a path to move forward. ABB's robotics business employs over 7,000 people, supplying robotic arms and industrial machinery to manufacturers such as BMW, and has a significant presence in China. SoftBank founder Masayoshi Son views this acquisition as part of a strategy to expand its footprint in the artificial intelligence industry.

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