IBM hits Lenovo with $123m stock sale shocker
Print storyYou didn't get our email?
Posted in Financial News, 7th February 2007 00:33 GMT
Join our expert panel in discussing application security
IBM hit Lenovo with a jarring share sale, unloading $123m of stock in the PC maker.
Shares of Lenovo dipped seven per cent today on the Hong Kong markets after word of IBM's sale reached investors. Lenovo requested that trading of its shares be halted with the price at HK$3.2. The exact nature of IBM's sale came as a surprise to Lenovo, according to a spokeswoman, although the company did expect some action from IBM.
IBM shed 300m shares in the PC maker, reducing its stake in the company to 10 per cent from 13.2 per cent. The sale price of HK$3.2 per share was at the low-end of IBM's target, and the deal was handled by Citibank.
While IBM may have been a bit rude with the Lenovo offload, the companies remain allies in the PC market. ®
See what The Register's experts have to say on application security
The future of SaaS and IT infrastructure management
The mandate for application security
Extended Validation SSL Certificates
Avoiding 7 common mistakes of IT security compliance
CIO strategies for the retention and deletion of email
Win a Samsung C6625!
Is your cameraphone an oxymoron?
Windows 7, Bing and security: Mr Ballmer regrets
Sign up, sign up for The Register IT security newsletter