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Friday April 01, 07:33
Lenovo close to IBM unit purchase
(by Roy Deng)

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Lenovo close to IBM unit purchase Three US investment companies raised their total for China’s computer maker Lenovo to $350 million amid the company’s possible purchase of IBM’s PC unit.

The shares of Lenovo climbed 3.9% after the announcement. The purchase will help the company to expand on the US market and boost its profits, the company said in a statement.

Last December, IBM announced that Lenovo would buy its PC unit with IBM to have 19% stake in Lenovo. The Committee on Foreign Investment in the U.S. approved the purchase on March 9.

"We haven’t decided about the branding yet," said Lenovo President Yang Yuanqing."Our company has a deep Chinese cultural background. This will be a very big help in bringing an international point of view and help strengthen corporate governance," he added.

The company will buy the IBM unit for $1.7 billion.

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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
28 Mar 2005 06:54 PM Private-equity firms are taking a stake in Lenovo Group Ltd
23 Mar 2005 10:51 AM Five-week IBM trial settled
 


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