What: “Six years after Lenovo Group acquired IBM’s PC business, the US information technology giant has offloaded the last of the Lenovo shares that it received as part-payment. The sale took place after the Hong Kong market closed on Friday and enabled IBM to raise HK$2.05 billion ($263 million).”
Why: “A sharp turnaround from a recent low of HK$4.44 on February 10 (following a two-month decline) also seems to have encouraged IBM to sell the rest of its shares in one go – through yet another capital markets trade – rather than to dribble them out little by little in the open market. According to Hong Kong stock exchange data, IBM hasn’t sold any shares in Lenovo since July 2008.”
Full FinanceAsia article here.
- IBM sells Lenovo shares worth $265 mln -term sheet (reuters.com)