SoftBank reportedly violated Arm listing plan in London

According to the Financial Times, SoftBank has halted work on its London initial public offering of chip developer Arm due to political turmoil in the British government.

Akio Kon | Bloomberg | Getty Images

SoftBank has stopped work on Arm’s initial public offering in London due to political turmoil in the British government, It is reported by the Financial Times.

British Prime Minister Boris Johnson resigned as leader of the Conservative Party earlier this month, and ministers who the FT said played a major role in SoftBank talks have also resigned.

This led SoftBank to suspend negotiations, the report said, citing people briefed on the matter.

This was previously stated by SoftBank founder Masayoshi Son. Arm will likely list on the Nasdaq in the US, but cautioned that the decision is not final.

The FT said SoftBank is considering a dual primary listing in New York and London.

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