Britain’s Johnson joins final effort to convince Arm to sign up for London – FT – Metro US

British Prime Minister Boris Johnson meets Swiss President Ignazio Cassis

(Reuters) – British Prime Minister Boris Johnson has joined in a last-ditch push to convince Arm, the SoftBank Group Corp-backed chip designer, to register in London, the Financial Times reported on Monday, citing people familiar with it. folder.

Johnson wrote to SoftBank executives as part of the last ditch effort, the report said, adding that ministers and London Stock Exchange (LSE) executives are trying to persuade the Japanese conglomerate to rethink its preference for listing on New York.

Arm declined to comment on the matter, while LSE and SoftBank did not immediately respond to requests for comment from Reuters. The Prime Minister’s Office could not immediately be reached.

Digital Minister Chris Philp and Investment Minister Gerry Grimstone, who are leading the lobbying efforts, are expected to meet with SoftBank executives in the coming weeks, according to the report.

However, two people familiar with SoftBank’s thinking said there was very little scope to alter the plans and listing in London, the FT added.

In February, SoftBank suspended the sale of Arm Ltd to U.S. chipmaker Nvidia Corp in a deal valued at $80 billion, citing regulatory hurdles, and decided to list the company instead.

(Reporting by Anirudh Saligrama, Maria Ponnezhath and Sneha Bhowmik in Bengaluru; Editing by Richard Pullin and Uttaresh.V)