The Channel logo

News

By | John Oates 11th August 2009 11:10

Lenovo parent plots sale

And by parent, we mean China.gov

The Chinese Academy of Sciences Holding Company - an investment arm of the Chinese government - is looking to sell half its majority stake in PC and server maker Lenovo.

CAS Holdings owns 65 per cent of Legend - the holding company behind Lenovo, but wants to flog a 29 per cent stake in the firm if it can find a suitable buyer. By 2010 it wants to have reduced its stake to 35 per cent or even lower.

The company expects to raise at least RMB2.76bn (£245.5m) from the sale.

But any would-be bidder will have to show it has capital of RMB4bn (£355.70m), average annual net profit over the last three years of RMB800m (£71.1m) and total assets of RMB35bn (£3.11bn).

Lenovo is having a tough time of it; the fourth placed PC maker made a loss last year of $226m, on sales of $14.9bn. ®

comment icon Read 4 comments on this article alert Send corrections

Opinion

Walking on water, image via Shutterstock

Chris Mellor

IDC stats reveal who's who in the backup appliance bearpit
Carry on Cleo

Gavin Clarke

Infamy, infamy, Amazon and Microsoft have all got it in for me!

Tim Anderson

Also signals stronger cross-platform tools, access to new markets

Features

Nerd fail photo via Shutterstock
Shouting match
Single market vs. rest of the world
hacker
Mostly it's financial crime. Here's what all the cool kids' terms mean in English
Apple logo. Pic: Blake Patterson
Plenty of bumps in the 40-year road for Mac makers