Lenovo eyes takeover to grow
LENOVO Group Ltd plans to acquire a German computer and consumer-electronics maker for 231 million euros (US$340 million) to double its market share in Germany and expand overseas.
Lenovo will launch a public offer for all outstanding public shares of Medion for 13 euros a share in cash, a premium of 29 percent over the shares' average closing price for the previous 30 days, Hong Kong-listed Lenovo said in a stock exchange filing yesterday.
Lenovo will hold a 51 percent stake in Medion when the deal is completed by the end of the third quarter of this year.
Lenovo and Medion will then have more than 14 percent of the German personal computer market, from 7 percent now, and around 7.5 percent of the west Europe PC market, according to Lenovo, China's No. 1 PC maker and the world's No. 4.
The deal will boost Lenovo's share in both the PC and the mobile device markets, Chief Executive Yang Yuanqing said, adding the firm remains open to further acquisitions.
Both companies will continue their existing operations and keep their own brands over the short term.
In 2005, Lenovo bought International Business Machines Corp's PC business, including Thinkpad notebooks, for US$1.2 billion. In January, it said it planned to invest US$175 million to form a joint venture with Japan's NEC Corp to expand in Japan.
In the first quarter, Lenovo's PC sales grew 16.3 percent year on year, versus a 4.8 percent fall for the industry, International Data Corp said.
Lenovo will launch a public offer for all outstanding public shares of Medion for 13 euros a share in cash, a premium of 29 percent over the shares' average closing price for the previous 30 days, Hong Kong-listed Lenovo said in a stock exchange filing yesterday.
Lenovo will hold a 51 percent stake in Medion when the deal is completed by the end of the third quarter of this year.
Lenovo and Medion will then have more than 14 percent of the German personal computer market, from 7 percent now, and around 7.5 percent of the west Europe PC market, according to Lenovo, China's No. 1 PC maker and the world's No. 4.
The deal will boost Lenovo's share in both the PC and the mobile device markets, Chief Executive Yang Yuanqing said, adding the firm remains open to further acquisitions.
Both companies will continue their existing operations and keep their own brands over the short term.
In 2005, Lenovo bought International Business Machines Corp's PC business, including Thinkpad notebooks, for US$1.2 billion. In January, it said it planned to invest US$175 million to form a joint venture with Japan's NEC Corp to expand in Japan.
In the first quarter, Lenovo's PC sales grew 16.3 percent year on year, versus a 4.8 percent fall for the industry, International Data Corp said.
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