China Blocks SoftBank’s $5.4B Acquisition of ABB Robotics Unit

Cointime update: China has blocked SoftBank’s $5.4 billion acquisition of ABB’s robotics business, ABB said on Thursday, after the Japanese investment group was notified by the Chinese government department that reviews foreign investment. China is ABB Robotics’ largest market, so the deal required Chinese approval. The decision signals Beijing’s tightening control over exports of high-value technology to overseas competitors.