Abstract:
China has blocked Swiss industrial group ABB from selling its robotics business unit to Japan's SoftBank Group, Bloomberg reported, dealing a blow to SoftBank's plans to expand into the field of physical AI.
Masayoshi Son
ABB said in an emailed statement that the Foreign Investment Security Review Working Mechanism Office of the China Development and Reform Commission had blocked the $5.4 billion deal. Previously, the acquisition was widely expected to boost SoftBank's revenue and profits as it awaits a boost from OpenAI's public listing.
SoftBank founder Masayoshi Son originally viewed the deal as an important part of expanding his influence in the field of AI infrastructure construction. The ABB robotics business that the company originally planned to acquire has more than 7,000 employees, provides robotic arms and industrial equipment to automobile manufacturers such as BMW, and has an extensive business layout in China.
SoftBank shares fell about 7% in Tokyo on Thursday. A SoftBank spokesman declined to comment.
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