SoftBank makes no Arm investment proposal to Samsung-report

SoftBank makes no Arm investment proposal to Samsung-report By Reuters

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(C) Reuters. FILE PHOTO: A journalist raises her hand to ask a question to Japan’s SoftBank Group Corp Chief Executive Masayoshi Son during a news conference in Tokyo, Japan, November 5, 2018. REUTERS/Kim Kyung-Hoon

SEOUL (Reuters) – SoftBank Group Corp founder and CEO Masayoshi Son discussed on Tuesday a long-term cooperation between chip designer Arm and Samsung Electronics (OTC:SSNLF), but did not propose the South Korean firm to invest in the British company, a local media reported on Wednesday.

The billionaire, who is making his first visit to Seoul in three years, said earlier that he’d like to talk with Samsung (KS:005930) about a “strategic alliance with Arm”.

The visit comes amid speculation over the potential formation of an industry consortium to invest in Arm, whose technology powers Apple (NASDAQ:AAPL)’s iPhone and nearly all other smartphones, and ensure its neutrality.

At a meeting held on Tuesday which Arm Chief Executive Rene Haas also attended, Son did not propose that Samsung buy a stake in Arm or make a pre-IPO investment, the JoongAng daily newspaper reported on Wednesday, citing unnamed industry sources.

SoftBank did not immediately reply to a Reuters’ request for comment. Samsung declined to comment.

SoftBank acquired Arm in 2016 for $32 billion. A subsequent proposed deal to sell it to Nvidia (NASDAQ:NVDA) aroused industry opposition and foundered on regulatory hurdles, prompting SoftBank to outline plans for a U.S. listing of the Cambridge-based firm.

SoftBank makes no Arm investment proposal to Samsung-report

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