There can be no excuses for the sale of Britain’s sole technology champion ARM to Japan’s SoftBank for £24bn. This is an ill-conceived deal conducted with undue haste, which places huge trust in the hands of the new owners, the indebted Japanese tech conglomerate SoftBank.
It is an economic error which flies directly in the face of the Prime Minister’s promise to rein in overseas takeovers.
The 95 per cent shareholder vote in favour of the transaction once again underlines the myopic vision of Britain’s investment institutions representing millions of pensioners and savers.
All smiles: Chancellor of the Exchequer Philip Hammond with ARM chairman Stuart Chambers
Instead of gobbling up the cash, they should have given more thought to their clients.
Owning the world’s leading chip designer at a time when the internet of things is just coming into its own ought to be…