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China's Lenovo says will not acquire Positivo - Xinhua
December 18, 2008 / 6:34 AM / 9 years ago

China's Lenovo says will not acquire Positivo - Xinhua

BEIJING, Dec 18 (Reuters) - Lenovo Group (0992.HK), the world’s No.4 personal computer maker, said on Thursday the current economic uncertainties made it impossible to acquire Brazil’s biggest computer maker, Positivo Informatica (PI) SA (POSI3.SA), according to Xinhua’s website. Brazilian media have reported that both Lenovo and possibly larger rival Dell DELL.O were interested in Positivo.

While acquiring Positivo was not now possible, Lenovo was very interested in establishing a strategic cooperation with the Brazilian company, said Xinhua, which provided no further details.

Lenovo is sitting on a big cash pile and has said it is open to acquisitions amid an expected consolidation in the PC industry, but did not name the parties in the talks, and said no formal negotiations were under way at this stage.

According to J.P. Morgan, Lenovo has been looking into an acquisition for some time to achieve its targeted scale of growth, which organic growth was not likely to deliver. Lenovo was unavailable for immediate comment. ($=6.83 yuan) (Reporting by Kirby Chien; Editing by Nick Macfie)

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