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The largest computer company in China, the Lenovo Group, has bought a majority stake in the PC-making business of the multinational IBM.
Lenovo paid almost $2 billion for the shares, one of the largest overseas acquisitions by a Chinese company.
IBM helped pioneer the personal computer. Now, it has sold off its personal computer division to a little-known company.
The deal will make Lenovo the world's third-largest computer business.
One Lenovo official told the BBC the deal was a dream come true and a matter of national pride.
But the company's position is that it will not be satisfied with its number three position globally.
This underlines the company's hunger to compete in a global market no matter what the cost.
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Posted: 2004-12-10 01:38:32
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Chinese Lenovo is taking control of IBM activities.
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Posted: 2004-12-10 07:48:02
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