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

Neil McAllister

Claims that cloud will drive Oracle's future growth ring hollow
Pure Storage array

Neil McAllister

How the cloud taught Redmond to play by a new set of rules

Features

Pebble Steel
Meet the man who accidentally created the smartwatch hype
No, silly... he was the fall guy for years of Finnish folly
Fraud image