What turned out to be a rumor!!! Chinese PC manufacturing giant Lenovo, which bought International Business Machines Corp.’s PC unit in 2005, was supposedly considering a bid to acquire struggling BlackBerry maker Research in Motion (RIM). Does Chinese Lenovo Buying BlackBerry-Maker RIM Rumor is Really Really Dumb?
In an interview at the World Economic forum in Davos, Lenovo’s CFO Wong Wai Ming told Bloomberg that ran in Bloomberg implied that his firm had a team working on acquisitions and that they had spoken to RIM and its bankers about various strategic alliances, implying that an outright purchase might be possible.
All eyes are on RIM this week as it prepares to launch its long-awaited new BlackBerry10 operating system and all-new BB10 smartphones on Wednesday [30th January 2013]. RIM has also announced that Super Bowl XLVII would feature BlackBerry10 operating system commercial.
But now Lenovo Group Ltd.’s Senior Vice President and Chief Financial Officer Wong Wai Ming has backtracked:
Josh Ong, China Editor of The Next Web, has confirmed that Bloomberg had taken Lenovo CFO Wong Waiming’s words out of context: “We are aware that Lenovo’s CFO [Wong] Waiming was speaking broadly about M&A strategy in a recent interview. RIM was raised as a potential target by the journalist and Mr. Wong repeatedly answered in a manner consistent with all of our previous statements on M&A strategy: Lenovo is very focused on growing its business, both organically and through M&A. When inorganic ideas arise, we explore them to see if there is a strategic fit.”
Lenovo already has a range of Android-based smartphones on the market. But what if Lenovo did want to take over RIM it could face major regulatory problems, however. Do you think it’s a wise move, If Lenovo were to attempt to buy RIM?
RIM is Canada’s largest-listed technology company and Canada has a history of turning down foreign acquisitions of companies: In 2008, it blocked a US$1.32-billion bid from US-based Alliant Techsystems for British Columbia-based MacDonald Dettwiller & Associate’s satellite business
Canadian Minister of Finance Jim Flaherty said that a Lenovo-RIM deal is something the government “would look at carefully.” Flaherty also responded “absolutely” when asked whether some local technologies are off-limits to potential overseas buyers.
One of BlackBerry’s strongholds has been in government, for a Chinese company to acquire enterprise-grade security-enabled smartphones mamker would be interesting to see!!!Recommended posts:
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