- SoftBank Group Corp (OTC:SFTBF) (OTC:SFTBY) founder and CEO Masayoshi Son discussed long-term cooperation between chip designer Arm Ltd and Samsung Electronics Co, Ltd (OTC:SSNLF).
- However, he did not propose that Samsung invest in the British company, Reuters reports citing local media.
- Son, who made his first visit to Seoul in three years, planned to talk with Samsung about a strategic alliance with Arm.
- Son did not propose that Samsung buy a stake in Arm or make a pre-IPO investment during the October 4 meeting.
- The visit comes amid speculation over the potential formation of an industry consortium to invest in Arm, whose technology powers Apple Inc’s (NASDAQ:AAPL) iPhone and nearly all other smartphones, and ensure its neutrality.
- SoftBank executives explored the possibility of a rare dual listing in the U.K. and the U.S.
- Still, the U.S. was their primary attraction due to its much higher valuations. London has faced flak for its unattractiveness to fast-growing companies.
- SoftBank started laying off employees at its loss-making Vision Fund and will likely cut at least 30% of its staff, likely to affect 150 employees.
- SoftBank acquired Arm in 2016 for $32 billion.
- Price Action: SFTBF shares traded higher by 5.10% at $36.27 on the last check Wednesday.
Red Sea Disruptions To Cut Shipping Capacity By 15-20% In Q2, Says Maersk
Maersk, the world's largest container shipping company, has announced that the ongoing disruptions in the Red Sea will significantly impact the industry's capacity in the second quarter.
