UK PM Truss’ administration seeks to persuade SoftBank to list Arm in London -FT
(Reuters) -British Prime Minister Liz Truss’ government will push for high-level talks with Japan’s SoftBank Group Corp to persuade it to list British chip designer Arm Ltd in London, the Financial Times reported on Thursday.
SoftBank executives had begun to talk with British officials about the possibility of a dual listing, but were still most interested in pursuing a single listing in New York, according to the FT.
The new British government sees the chance to gain at least part of Arm’s flotation as a “big and quick win” to show it was serious about the future of the City of London, the FT quoted one person familiar with the UK government’s plans as saying.
Truss’ government will push to hold high-level talks after the official period of mourning for the queen ends next week, the newspaper added, citing officials familiar with the matter. (https://on.ft.com/3qFccJh)
SoftBank’s billionaire founder, Masayoshi Son, had told shareholders in June he was in favor of a U.S. listing as most of the British-based chip designer’s clients are based there.
The FT in July reported that the Japanese group put its plan to list Arm’s shares in London on hold because of the political turmoil in the UK following the collapse of former Prime Minister Boris Johnson’s government.
Arm declined to comment while SoftBank and Downing Street did not immediately respond to requests for comment.
(Reporting by Rhea Binoy in BengaluruEditing by Chris Reese and Matthew Lewis)