SoftBank Group and ABB are looking at carving out the Chinese part of a giant robotics deal as they explore ways to salvage a transaction blocked by Beijing, according to people familiar with the matter.
The two companies and their advisers are trying to find a solution after China’s powerful Office of the Working Mechanism for Foreign Investment Security Review on Thursday halted SoftBank’s move to acquire the ABB unit valued at $5.4 billion.
They are studying how the Chinese business, which is ABB Robotics’ largest single market, could be separated out, the people said. SoftBank is leading the push, people added, asking not to be identified as the talks were private.
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