China's Lenovo says in talks about an acquisition

HONG KONG Tue Jan 21, 2014 5:58am IST

Lenovo tablets and mobile phones are displayed during a news conference on the company's annual results in Hong Kong May 23, 2013. REUTERS/Bobby Yip

Lenovo tablets and mobile phones are displayed during a news conference on the company's annual results in Hong Kong May 23, 2013.

Credit: Reuters/Bobby Yip

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HONG KONG (Reuters) - China's Lenovo Group Ltd (0992.HK) said it was in preliminary negotiations with a third party in relation to a potential acquisition but added that no material terms have been agreed.

Lenovo, the world's number one manufacturer of PCs, has resumed discussions to buy International Business Machines Corp's (IBM) (IBM.N) low-end server unit, a source familiar with the matter told Reuters.

"The company has not entered into any definitive agreement in relation to the potential acquisition," Chief Executive Officer Yang Yuanqing said in a filing to the Hong Kong bourse early on Tuesday.

Lenovo said it made the statement in response to reports regarding a possible acquisition by the company of a certain computer server business. It gave no further details.

Lenovo and IBM were in discussions to buy the division last year, but no deal was made as they couldn't agree on a price, sources have said.

(Reporting by Donny Kwok; Editing by Edwina Gibbs)

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