China Blocks SoftBank's $5.4 Billion ABB Robotics Deal
China blocked SoftBank's $5.4 billion takeover of ABB's robotics division, according to the Financial Times. SoftBank had agreed to buy the robotics business in October last year, as CEO Masayoshi Son sought to make the company a core player in artificial intelligence development.
Quick glossarySoftBank, takeover, Financial Times
- SoftBank
- A Japanese technology investment company best known for its big stakes in tech firms and its Vision Fund.
- takeover
- A deal in which one company buys enough of another company to gain control over it.
- Financial Times
- A London-based business newspaper known for reporting on global finance, markets and economic news.
Burning Potato score: 65%