Truss seeks last-ditch SoftBank meeting over Arm IPO

The Prime Minister, Liz Truss, is preparing to launch a last-minute push to convince SoftBank to list Arm in London.

The government will seek "high-level" talks with SoftBank executives as soon as the official mourning period for the Queen ends next week, according to The Financial Times, which cites officials with knowledge of the situation.

Chancellor Kwasi Kwarteng is also said to be keen to have the Cambridge-based chip giant list in the UK, despite the CEO of the Japanese conglomerate, Masayoshi Son, favouring a listing in New York. Son reportedly prefers a Nasdaq listing due to its high valuations and experience with major technology companies.

The PM and chancellor, however, are hoping to revive talks with SoftBank, which were said to have ended with Boris Johnson's resignation. MPs and senior executives from the London Stock Exchange have continued to lobby SoftBank since the leadership change, though the government's main push was led by former investment minister Gerry Grimstone who left Westminster shortly after Johnson's exit.

SoftBank executives have kept a close eye on the Conservative party's leadership race, according to FT sources, though the Japanese giant was never convinced that a UK listing was worthwhile. At the very least, the British government is said to want a dual listing between New York and London. That was the previous arrangement for Arm before it was acquired by SoftBank in 2016. A final decision on where Arm is floated is expected to come before Christmas, though SoftBank is thought to want a plan in place before the next quarter.

Arm has been stuck in a limbo of sorts since its proposed takeover by Nvidia was cancelled earlier in the year due to regulatory concerns put forward by the UK's Competition and Markets Authority and the wider chip manufacturing industry.