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Local Tech Wire
MORRISVILLE, N.C. – A Chinese news agency is reporting Wednesday that is acquiring , the top PC manufacturer in Brazil.
Meanwhile, CNBC reported later in the day that Lenovo could be buying smartphone maker Palm.
Ray Gorman, a spokesperson for Lenovo, termed the Positivo talk as “rumors.”
“We don’t comment on rumors,” Gorman told Local Tech Wire and WRAL.com.
Citing a “source close to Lenovo Group,” the Xinhua service says Lenovo “may have finished” a deal for Positivo.
“The source also disclosed that Lenovo has dispatched its general manager in China to Brazil to take over the management work,” Xinhua added.
CNBC’s that “takeover or LBO [leveraged buyout] rumors” were circulating about Palm (Nasdaq: PALM).
“The hedgies are very specific, saying that Lenovo is the potential suitor and that’s helped Palm surge over 12 percent in the first 90 minutes [of trading],” Najarian wrote.
Lenovo, the world’s No. 4 PC maker, is based in Morrisville, but most of its operations are located in China. Lenovo Group is its corporate parent.
On March 15, Lenovo Chief Executive Officer Yang Yuanqing told The Wall Street Journal that Lenovo was looking for potential acquisitions in emerging markets such as Russia, India, Southeast Asia and Latin America.
Lenovo recently returned to the mobile phone market by reacquiring a smartphone operation it had spun off in China.
“Lenovo’s public relations department has made no denial of the acquisition, and confirmed that Xia Li was sent to Brazil at the end of 2009,” Xinhua said.
A possible acquisition by Lenovo of Positivo is not new. The companies broke off negotiations two years ago.
Positivo owns some 13 percent of the Brazilian market, Xinhua noted. Lenovo has said for much of the past year since a corporate reorganization that it would consider acquisitions as part of its strategy to seek growth in emerging markets.