China blocks SoftBank $5.4B attempt to buy ABB robotics arm
China has blocked SoftBank's $5.4 billion attempt to buy the robotics arm of Swiss company ABB, putting a dent in founder Masayoshi Son's big push into physical AI.
The decision, confirmed by ABB, highlights how China is being extra careful about letting foreign companies invest in its high-tech sectors as global competition heats up.
Deal central to SoftBank AI strategy
This deal was a major piece of SoftBank's plan to boost its AI game and prepare for OpenAI's expected public listing.
ABB's robotics division, more than 7,000 employees strong and big in China, would have helped level up its industrial robotics projects.
With China also blocking Meta from buying an AI startup earlier this year, it is clear the country wants to keep key tech close to home, leaving SoftBank with more hurdles as it chases future AI breakthroughs.