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(AWP Alliance News) - ABB Ltd on Thursday said the planned sale of its Robotics division to SoftBank Group Corp has been "prohibited" by a regulator in China.
The Zurich-based electrification and automation technology company announced the agreed divestment, which gave the Robotics business an enterprise value of USD5.38 billion, in October last year.
However, on Thursday, ABB said Tokyo-based investor SoftBank has informed it that China's Office of the Working Mechanism for Foreign Investment Security Review "has prohibited the acquisition of the ABB Robotics business in China".
"ABB and SoftBank are in close dialogue and are working constructively on the transaction," the company added.
ABB shares were down 0.7% at CHF69.94 on Thursday in Zurich. SoftBank shares closed down 6.8% at JPY3,980.00 in Tokyo.
By Emma Curzon, Alliance News reporter
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