Plan to use national security rules to force Arm to list on the stock market in London
Government officials have floated the idea of using national security rules to force Arm to list on the stock market in London.
The UK chip giant, owned by Japan’s SoftBank, is in talks with ministers who want it to return to Britain’s public markets.
Officials have considered applying the National Security and Investment Act as a means of influencing SoftBank to choose London, says the Financial Times.
UK-based chip giant Arm, owned by Japan’s SoftBank, is currently in talks with ministers who want it to return to Britain’s public markets
But there is opposition to the plan within government, which has not been acted on. The act lets the Government halt deals that could harm UK security.
Arm was dual-listed before SoftBank’s takeover in 2016, but a float is on the cards after its £30billion sale to America’s Nvidia fell through.
It had looked set to opt for an exclusive US listing but SoftBank’s position has softened following a Government charm offensive.
Chancellor Rishi Sunak has held meetings with Arm and SoftBank executives and the Prime Minister has penned a letter to Arm’s owner.
Arm, based in Cambridge, designs chips that run virtually every smartphone on Earth.
It has about 6,400 staff. Arm was contacted for comment.