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Wednesday March 09, 11:51
US security oversight body OKed Lenovo-IBM merger
(by Dr. Goldfinger)

US security oversight body OKed Lenovo-IBM merger

Lenovo Group Ltd., Chinese No.1 computer maker, said Wednesday it had won clearance from the US to buy IBM’s personal computer business.

The company managed to meet the resistance from some lawmakers at the US national security oversight committee. After the merger, it will form the third-biggest computer maker over the globe.

Lenovo offers $1.25 billion for IBM’s computer business. The deal is expected to be completed in the second quarter. "We were able to get unanimous agreement from the members of the committee," said Stephen Ward, the general manager of IBM’s Personal Systems Division.

Mr. Ward will be Lenovo’s CEO. He stressed that the terms of approval are confidential, but Lenovo will be further able to sell PCs to the US agencies.

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Read the related news and articles:
05 May 2005 09:32 AM IBM cuts 13,000 employees, mostly in Europe
03 May 2005 05:11 AM Lenovo in the process of digesting IBM’s unit
15 Apr 2005 04:35 AM IBM 1Q profit rose less than analysts had expected
01 Apr 2005 07:33 AM Lenovo close to IBM unit purchase
28 Mar 2005 06:54 PM Private-equity firms are taking a stake in Lenovo Group Ltd
 


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