Business
China blocks planned sale of ABB robotics business to SoftBank
China has blocked the sale of ABB’s robotics business in the country to Japan’s SoftBank, putting the planned multibillion-dollar deal in jeopardy. The companies say they remain in contact and are working on the transaction.
China has blocked the planned sale of ABB’s robotics business in the country to Japan’s SoftBank, putting a multibillion-dollar transaction in jeopardy. The companies say they remain in contact and are working on the deal.
Track China’s decision
The sale’s immediate obstacle is China’s decision to block it. The planned transaction concerns ABB’s robotics business in the country and SoftBank, the Japanese buyer. The decision puts the multibillion-dollar deal in jeopardy, leaving its future uncertain. The development places a cross-border business agreement at the centre of the story, with ABB and SoftBank still engaged on the transaction.
Keep the talks moving
ABB and SoftBank say they are continuing to work on the transaction. The companies remain in contact following China’s move, keeping the planned sale active even as the deal faces a major setback. Their stated position leaves open the possibility of further work between the parties, but the sale remains in jeopardy after the block.
Watch the deal’s next steps
For ABB, the planned sale remains unresolved. The transaction involves its robotics business in China and Japan’s SoftBank, and its multibillion-dollar scale gives the block significance for the Swiss company’s business dealings. ABB and SoftBank say they are working on the deal, while China’s decision has put the planned transfer in jeopardy.