IBM hits Lenovo with $123m stock sale shocker
You didn't get our email?
Posted in Financial News, 7th February 2007 00:33 GMT
Free whitepaper – Dell PowerEdge servers 2009 - Memory
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. ®
Free whitepaper – Out-of-box comparison between Dell, HP, and IBM blade servers

The Register Agile Data Center Summit
Automating the Acquisition Process with Enterprise Level CRM
Checklist: Midmarket ERP Solutions
Analyst Keynote: The Register Agile Data Center Summit

Dirty, dirty PCs: The X-rated picture guide
Top 500 supers - rise of the Linux quad-cores
Early adopters bloodied by Ubuntu's Karmic Koala
Sign up, sign up for The Register IT security newsletter