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via finance.yahoo.comBusiness & Companies

China Vetoes SoftBank's $5.4 Billion Acquisition of ABB's Robotics Unit

FROM THE WIRE · FINANCE.YAHOO.COM

This article first appeared on GuruFocus. SoftBank Group Corp. (SFTBY, Financials) shares slumped 6.8% after China vetoed its proposed $5.4 billion acquisition of ABB's robotics section, a blow to its efforts to expand into artificial intelligence and automation.Chinese…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishThe veto hits SoftBank's expansion into AI and automation, and its shares fell 6.8%.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01SoftBank shares fell 6.8% after China vetoed the proposed $5.4 billion acquisition.
  2. 02China's National Development and Reform Commission cited concern over robotics data sent abroad to train AI models.
  3. 03China accounts for around 30% of ABB's robotics business, with a large presence in Shanghai.
  4. 04Both companies are still in talks on the agreement.
NEWS IMPACT AND MARKET REACTIONChange since the story · reference
SoftBank Group Corp.9984.TSEStock3,980.00 JPYMarket closedtoday -6.77%Negative SoftBank Group Corp.SFTBYStock11.17 USDMarket closedtoday -14.41%Negative ABB LtdABBN.SWStock67.50 CHFMarket closedtoday -4.20%Neutral
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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