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Lenovo confirms Brazil PC deal dead

By Wang Xing (chinadaily.com.cn)
Updated: 2008-12-18 17:15

Chinese computer maker Lenovo Group confirmed it has abandoned bids for the Brazilian PC vendor Positivo Informatica due to the current economic uncertainties.

Related readings:  Lenovo ponders buying into Brazil firm  Lenovo abandons bid for Brazilian PC maker  Lenovo profit nosedives amid economic woe  Reports: Lenovo offers $833m for Positivo

The world's fourth largest PC maker said in a statement Wednesday that it is now impossible to reach any deal with Positivo Informatica because of uncertainties brought about by the financial storm.

But it is still interested in pursuing strategic cooperation with the Brazilian company, according to the statement.

Lenovo was reported by Brazil media last week to have offered $833 million (2 billion reais) for acquiring Positivo Informatica, the country's largest PC maker that accounts for about 21.5 percent of the Brazilian PC market. The acquisition was expected to significantly boost Lenovo's presence in Brazil, one of the fastest growing PC markets in the world.

The latest statement means that Lenovo has given up a deal that would have been the company's largest overseas acquisition since it bought IBM's PC arm in 2005.

Lenovo said it will continue to evaluate other opportunities to drive up business, through both organic growth and acquisition or partnership opportunities.