Truss set to reignite push to list Arm in the UK - report

The government is said to be pushing for high-level talks with SoftBank executives

Prime Minister Liz Truss is set to reignite efforts to persuade the owners of British chip maker Arm to list the company in the UK.

Japanese company SoftBank has been preparing to take Arm public after plans to sell the company to Nvidia fell through due to "significant regulatory challenges".

But it indicated plans on taking the company public on the NASDAQ exchange in New York instead of London.

In May, it was reported former PM Boris Johnson wrote to SoftBank while ministers and executives from the London Stock Exchange would try and persuade them to rethink.

But, according to the Financial Times, talks broke down in the summer following the departure of Johnson.

However, the publication states the Government will now push for high-level talks with SoftBank executives after the official period of mourning for the Queen ends.

SoftBank's decision to pursue an IPO for Arm comes just a month after it said it had previously opted not to take the company public because capital markets "would expect Arm to make significant strategic changes, including cutting costs to maximise Arm's value".

Arm said in March that it could cut up to 15 per cent of its workforce as it prepares to go public.

"Like any business, Arm is continually reviewing its business plan to ensure the company has the right balance between opportunities and cost discipline," the company said in a statement.

"Unfortunately, this process includes proposed redundancies across Arm's global workforce.

"If the proposals go ahead, we anticipate that around 12-15 per cent of people in Arm would be affected globally."

Most of the proposed job cuts would be in the US and the UK, Arm added.