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By | Ashlee Vance 7th February 2007 00:33

IBM hits Lenovo with $123m stock sale shocker

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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. ®

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