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The [[Mergers and acquisitions|acquisition]] of IBM Personal Systems Group, the PC business arm of [[IBM|International Business Machines (IBM) Corporation]], by [[Lenovo]] was announced on December 9, 2004, and was completed on May 3, 2005.<ref>{{Cite book |last=Kumar |first=Nirmalya |url=https://www.worldcat.org/oclc/851972628 |title=Brand breakout: how emerging market brands will go global |date=2013 |others=Jan-Benedict E. M. Steenkamp |isbn=978-1-137-27662-9 |location=Houndmills, Basingstoke, Hampshire |oclc=851972628}}</ref><ref>{{cite journal | last=Hamm | first=Steve | author2=Pete Engardio | author3=Frederik Balfour | date=December 20, 2004 | url=https://www.bloomberg.com/news/articles/2004-12-19/big-blues-bold-step-into-china | title=Big Blue's Bold Step into China | journal=BusinessWeek | publisher=Bloomberg L.P. | issue=3913 | pages=33–34 | archiveurl=https://archive.today/20230512005310/https://www.bloomberg.com/news/articles/2004-12-19/big-blues-bold-step-into-china | archivedate=May 12, 2023}}</ref>
The [[Mergers and acquisitions|acquisition]] of IBM Personal Systems Group, the PC business arm of [[IBM|International Business Machines (IBM) Corporation]], by [[Lenovo]] was announced on December 9, 2004, and was completed on May 3, 2005.<ref>{{Cite book |last=Kumar |first=Nirmalya |url=https://www.worldcat.org/oclc/851972628 |title=Brand breakout: how emerging market brands will go global |date=2013 |others=Jan-Benedict E. M. Steenkamp |isbn=978-1-137-27662-9 |location=Houndmills, Basingstoke, Hampshire |oclc=851972628}}</ref><ref>{{cite journal | last=Hamm | first=Steve | author2=Pete Engardio | author3=Frederik Balfour | date=December 20, 2004 | url=https://www.bloomberg.com/news/articles/2004-12-19/big-blues-bold-step-into-china | title=Big Blue's Bold Step into China | journal=BusinessWeek | publisher=Bloomberg L.P. | issue=3913 | pages=33–34 | archiveurl=https://archive.today/20230512005310/https://www.bloomberg.com/news/articles/2004-12-19/big-blues-bold-step-into-china | archivedate=May 12, 2023}}</ref>


== Background ==
== Background {{anchor|Events leading up to acquisition}} ==

=== IBM through the years ===
{{Further information|History of IBM|Influence of the IBM PC on the personal computer market}}

==== 1911–1957 ====

IBM's history goes back to 1911, when the [[Computing-Tabulating-Recording Company#Tabulating Machine Company|Tabulating Machine Company]], the [[Computing-Tabulating-Recording Company#Computing Scale Company of America|Computing Scale Company of America]], the [[Computing-Tabulating-Recording Company#International Time Recording Company|International Time Recording Company]], and the [[Bundy Manufacturing Company]] were [[Consolidation (business)|amalgamated]] together into the [[Computing-Tabulating-Recording Company]] (CTR) based in Endicott, New York. The Computing-Tabulating-Recording Company (CTR) was reincorporated as the [[International Business Machines Corporation]] (IBM) in 1924. The individual companies continued to operate using their established names until the businesses were integrated in 1933, and the holding company was eliminated.<ref>For example, the last page of [http://archive.computerhistory.org/resources/text/Knuth_Don_X4100/PDF_index/k-9-pdf/k-9-u2669-IBM-Inventory-Simplified.pdf The Inventory Simplified] {{Webarchive|url=https://web.archive.org/web/20131004230834/http://archive.computerhistory.org/resources/text/Knuth_Don_X4100/PDF_index/k-9-pdf/k-9-u2669-IBM-Inventory-Simplified.pdf |date=October 4, 2013 }}, published in 1923, stated "The Tabulating Machine Company – Division of – International Business Machines Corporation.</ref><ref>{{cite book |last= Rodgers |first= Williams |title= Think |publisher= Stein and Day |year= 1969 |page=83}}</ref>

IBM produced 6% of the M1 Carbine rifles used in World War II, about 346,500 of them, between August 1943 and May. IBM never produced guns for civilian sales, only for the military. IBM built the Automatic Sequence Controlled Calculator, an electromechanical computer, during World War II. It offered its first commercial stored-program computer, the vacuum tube based IBM 701, in 1952. The IBM 305 RAMAC introduced the hard disk drive in 1956. In 1956, the company demonstrated the first practical example of artificial intelligence when Arthur L. Samuel of IBM's Poughkeepsie, New York, laboratory programmed an IBM 704 not merely to play checkers but "learn" from its own experience. In 1957, the FORTRAN scientific programming language was developed.

==== 1957–1965 ====
The company switched to transistorized designs with the 7000 and 1400 series, beginning in 1958. In 1961, IBM developed the SABRE reservation system for American Airlines and introduced the highly successful Selectric typewriter. In 1963, IBM employees and computers helped NASA track the orbital flights of the Mercury astronauts. A year later, it moved its corporate headquarters from New York City to Armonk, New York.

On April 7, 1964, IBM launched the first computer system family, the IBM System/360. It spanned the complete range of commercial and scientific applications from large to small, allowing companies for the first time to upgrade to models with greater computing capability without having to rewrite their applications. It was followed by the IBM System/370 in 1970. Together the 360 and 370 made the IBM mainframe the dominant mainframe computer and the dominant computing platform in the industry throughout this period and into the early 1980s. They and the operating systems that ran on them such as OS/VS1 and MVS, and the middleware built on top of those such as the CICS transaction processing monitor, had a near-monopoly-level market share and became the thing IBM was most known for during this period.

==== 1965–1981 ====
In 1969, the United States of America alleged that IBM violated the [[Sherman Antitrust Act]] by monopolizing or attempting to monopolize the general-purpose electronic digital computer system market, specifically computers designed primarily for business, and subsequently alleged that IBM violated the antitrust laws in IBM's actions directed against leasing companies and plug-compatible peripheral manufacturers. Shortly after, IBM unbundled its software and services in what many observers believed was a direct result of the lawsuit, creating a competitive market for software.

Also in 1969, IBM engineer [[Forrest Parry]] invented the [[magnetic stripe card]] that would become ubiquitous for credit/debit/ATM cards, driver's licenses, rapid transit cards, and a multitude of other identity and access control applications. IBM pioneered the manufacture of these cards, and for most of the 1970s, the data processing systems and software for such applications ran exclusively on IBM computers. In 1974, IBM engineer [[George J. Laurer]] developed the [[Universal Product Code]].<ref>{{cite web |title=The history of the UPC bar code and how the bar code symbol and system became a world standard. |url=https://www.cummingsdesign.com/bar_code_history.htm |url-status=live |archive-url=https://web.archive.org/web/20201109220243/https://www.cummingsdesign.com/bar_code_history.htm |archive-date=November 9, 2020 |access-date=May 17, 2011 |website=cummingsdesign.com |publisher=Cummingsdesign}}</ref> IBM and the [[World Bank]] first introduced [[Swap (finance)|financial swaps]] to the public in 1981, when they entered into a swap agreement.<ref>{{cite book|title=Fundamentals of Corporate Finance|edition=9th, alternate|last1=Ross|last2=Westerfield|last3=Jordan|year=2010|publisher=[[McGraw Hill]]|page=746}}</ref> The [[IBM PC]], originally designated IBM 5150, was introduced in 1981, and it soon became an industry standard.

==== 1981–1992 ====
In 1982, the Department of Justice dropped the case as "without merit".<ref>{{cite journal|url=https://heinonline.org/HOL/LandingPage?handle=hein.journals/tlr60&div=37|title=Monopolization: Corporate Strategy, the IBM Cases, and the Transformation of the Law|last=Sullivan|first=Lawrence A.|journal=[[Texas Law Review]]|date=April 1982|access-date=January 14, 2022|volume=60|issue=4|pages=587–647|archive-date=January 14, 2022|archive-url=https://web.archive.org/web/20220114192845/https://heinonline.org/HOL/LandingPage?handle=hein.journals/tlr60&div=37|url-status=live}}</ref>

In 1991 IBM began spinning off its many divisions into autonomous subsidiaries (so-called "Baby Blues") in an attempt to make the company more manageable and to streamline IBM by having other investors finance those companies.<ref>{{cite journal | last=Miller | first=Michael W. | date=November 10, 1992 | url=https://www.proquest.com/docview/398331696/ | title='Break Up IBM,' Cry Some Investors Who See Value in Those Baby Blues | journal=The Wall Street Journal | publisher=Dow Jones & Company | page=C1 | via=ProQuest}}</ref><ref>{{cite journal | last=Ziegler | first=Bart | date=September 6, 1992 | url=https://www.proquest.com/docview/268053630/ | title=Big Blue still breaking up its bureaucracy | journal=Colorado Springs-Gazette | page=E3 | via=ProQuest}}</ref> These included [[AdStar]], dedicated to disk drives and other data storage products; IBM Application Business Systems, dedicated to mid-range computers; IBM Enterprise Systems, dedicated to mainframes; Pennant Systems, dedicated to mid-range and large printers; [[Lexmark]], dedicated to small printers; and more.<ref>{{cite news |agency=Associated Press | date=September 6, 1992 | url=https://www.proquest.com/docview/288539645/ |url-access=subscription | title=Facts, Figures on IBM's 13 Decentralized Firms |newspaper=The Salt Lake Tribune | page=D14 | via=ProQuest}}</ref> Lexmark was acquired by [[Clayton, Dubilier & Rice|Clayton & Dubilier]] in a [[leveraged buyout]] shortly after its formation.<ref>{{cite news|url=http://query.nytimes.com/gst/fullpage.html?res=9D0CE2D9173CF931A15751C1A967958260|title=The Executive Computer; Can I.B.M. Learn From a Unit It Freed?|work=The New York Times|first=Peter H.|last=Lewis|date=December 22, 1991}}</ref>

=== Events leading up to acquisition ===
In September 1992, IBM combined and spun off their various non-[[Mainframe computer|mainframe]] and non-[[Midrange computer|midrange]], personal computer manufacturing divisions into an autonomous wholly owned subsidiary known as the '''IBM Personal Computer Company''' ('''IBM PC Co.''').<ref>{{cite news | last=Burgess | first=John | date=September 3, 1992 | url=https://www.washingtonpost.com/archive/business/1992/09/03/ibm-plans-division-for-its-pc-business/f732f4c5-ead6-4867-a911-c75bd6ad7ef3/ | title=IBM Plans Division For Its PC Business; One Executive Expected to Be Put in Control | newspaper=The Washington Post | page=B11 | archiveurl=https://archive.today/20230512002255/https://www.washingtonpost.com/archive/business/1992/09/03/ibm-plans-division-for-its-pc-business/f732f4c5-ead6-4867-a911-c75bd6ad7ef3/ | archivedate=May 12, 2023}}</ref><ref>{{cite news | last=Burgess | first=John | date=November 26, 1992 | url=https://www.washingtonpost.com/archive/business/1992/11/26/with-new-approach-and-executive-team-ibm-seeks-a-rebirth/8e8c42e0-cb95-4d75-8149-059fe121bb50/ | title=With New Approach and Executive Team, IBM Seeks a Rebirth | newspaper=The Washington Post | page=D1 | archiveurl=https://archive.today/20230512001140/https://www.washingtonpost.com/archive/business/1992/11/26/with-new-approach-and-executive-team-ibm-seeks-a-rebirth/8e8c42e0-cb95-4d75-8149-059fe121bb50/ | archivedate=May 12, 2023}}</ref> This corporate restructuring came after IBM reported a sharp drop in profit margins during the second quarter of fiscal year 1992; market analysts attributed the drop to a fierce price war in the personal computer market over the summer of 1992.<ref>{{cite journal | last=Hooper | first=Lawrence | date=September 3, 1992 | url=https://www.proquest.com/docview/398296978/ | title=IBM to Unveil New Structure of PC Business | journal=The Wall Street Journal | publisher=Dow Jones & Company | page=A3 | via=ProQuest}}</ref> The corporate restructuring was one of the largest and most expensive in history up to that point.<ref>{{cite journal | agency=Associated Press | date=July 28, 1993 | url=https://www.proquest.com/docview/256293920/ | title=IBM reports record loss of $8 billion | journal=Austin American-Statesman | publisher=Knight-Ridder Tribune Service | page=B6 | via=ProQuest}}</ref> By the summer of 1993, the IBM PC Co. had divided into multiple business units itself, including [[Ambra Computer Corporation]] and the IBM Power Personal Systems Group, the former an attempt to design and market "[[IBM PC compatible|clone]]" computers of IBM's own architecture and the latter responsible for IBM's [[PowerPC]]-based [[workstation]]s.<ref>{{cite journal | last=Lohr | first=Steve | date=August 2, 1993 | url=https://www.nytimes.com/1993/08/02/business/ibm-and-dell-stake-out-the-little-picture-in-pc-s.html | title=I.B.M. and Dell Stake Out the Little Picture in PC's | journal=The New York Times | page=D2 | archiveurl=https://web.archive.org/web/20150526082706/https://www.nytimes.com/1993/08/02/business/ibm-and-dell-stake-out-the-little-picture-in-pc-s.html | archivedate=May 26, 2015}}</ref><ref>{{cite journal | last=Burke | first=Steven | date=September 11, 1995 | url=https://www.proquest.com/docview/227494932/ | title=IBM Power Personal Systems group to be folded into PC Co. | journal=Computer Reseller News | publisher=CMP Publications | issue=648 | page=7 | via=ProQuest}}</ref>
In September 1992, IBM combined and spun off their various non-[[Mainframe computer|mainframe]] and non-[[Midrange computer|midrange]], personal computer manufacturing divisions into an autonomous wholly owned subsidiary known as the '''IBM Personal Computer Company''' ('''IBM PC Co.''').<ref>{{cite news | last=Burgess | first=John | date=September 3, 1992 | url=https://www.washingtonpost.com/archive/business/1992/09/03/ibm-plans-division-for-its-pc-business/f732f4c5-ead6-4867-a911-c75bd6ad7ef3/ | title=IBM Plans Division For Its PC Business; One Executive Expected to Be Put in Control | newspaper=The Washington Post | page=B11 | archiveurl=https://archive.today/20230512002255/https://www.washingtonpost.com/archive/business/1992/09/03/ibm-plans-division-for-its-pc-business/f732f4c5-ead6-4867-a911-c75bd6ad7ef3/ | archivedate=May 12, 2023}}</ref><ref>{{cite news | last=Burgess | first=John | date=November 26, 1992 | url=https://www.washingtonpost.com/archive/business/1992/11/26/with-new-approach-and-executive-team-ibm-seeks-a-rebirth/8e8c42e0-cb95-4d75-8149-059fe121bb50/ | title=With New Approach and Executive Team, IBM Seeks a Rebirth | newspaper=The Washington Post | page=D1 | archiveurl=https://archive.today/20230512001140/https://www.washingtonpost.com/archive/business/1992/11/26/with-new-approach-and-executive-team-ibm-seeks-a-rebirth/8e8c42e0-cb95-4d75-8149-059fe121bb50/ | archivedate=May 12, 2023}}</ref> This corporate restructuring came after IBM reported a sharp drop in profit margins during the second quarter of fiscal year 1992; market analysts attributed the drop to a fierce price war in the personal computer market over the summer of 1992.<ref>{{cite journal | last=Hooper | first=Lawrence | date=September 3, 1992 | url=https://www.proquest.com/docview/398296978/ | title=IBM to Unveil New Structure of PC Business | journal=The Wall Street Journal | publisher=Dow Jones & Company | page=A3 | via=ProQuest}}</ref> The corporate restructuring was one of the largest and most expensive in history up to that point.<ref>{{cite journal | agency=Associated Press | date=July 28, 1993 | url=https://www.proquest.com/docview/256293920/ | title=IBM reports record loss of $8 billion | journal=Austin American-Statesman | publisher=Knight-Ridder Tribune Service | page=B6 | via=ProQuest}}</ref> By the summer of 1993, the IBM PC Co. had divided into multiple business units itself, including [[Ambra Computer Corporation]] and the IBM Power Personal Systems Group, the former an attempt to design and market "[[IBM PC compatible|clone]]" computers of IBM's own architecture and the latter responsible for IBM's [[PowerPC]]-based [[workstation]]s.<ref>{{cite journal | last=Lohr | first=Steve | date=August 2, 1993 | url=https://www.nytimes.com/1993/08/02/business/ibm-and-dell-stake-out-the-little-picture-in-pc-s.html | title=I.B.M. and Dell Stake Out the Little Picture in PC's | journal=The New York Times | page=D2 | archiveurl=https://web.archive.org/web/20150526082706/https://www.nytimes.com/1993/08/02/business/ibm-and-dell-stake-out-the-little-picture-in-pc-s.html | archivedate=May 26, 2015}}</ref><ref>{{cite journal | last=Burke | first=Steven | date=September 11, 1995 | url=https://www.proquest.com/docview/227494932/ | title=IBM Power Personal Systems group to be folded into PC Co. | journal=Computer Reseller News | publisher=CMP Publications | issue=648 | page=7 | via=ProQuest}}</ref>


Revision as of 17:08, 23 April 2024

Acquisition of the IBM PC business by Lenovo
Logo of IBM since 1972
Logo of Lenovo between 2003 and 2015
InitiatorIBM (IBM Personal Systems Group)
TargetLenovo
InitiatedDecember 9, 2004[1]
CompletedMay 3, 2005[2]

The acquisition of IBM Personal Systems Group, the PC business arm of International Business Machines (IBM) Corporation, by Lenovo was announced on December 9, 2004, and was completed on May 3, 2005.[3][4]

Background

In September 1992, IBM combined and spun off their various non-mainframe and non-midrange, personal computer manufacturing divisions into an autonomous wholly owned subsidiary known as the IBM Personal Computer Company (IBM PC Co.).[5][6] This corporate restructuring came after IBM reported a sharp drop in profit margins during the second quarter of fiscal year 1992; market analysts attributed the drop to a fierce price war in the personal computer market over the summer of 1992.[7] The corporate restructuring was one of the largest and most expensive in history up to that point.[8] By the summer of 1993, the IBM PC Co. had divided into multiple business units itself, including Ambra Computer Corporation and the IBM Power Personal Systems Group, the former an attempt to design and market "clone" computers of IBM's own architecture and the latter responsible for IBM's PowerPC-based workstations.[9][10]

In 1998, IBM merged the enterprise-oriented Personal Systems Group of the IBM PC Co. into IBM's own Global Services personal computer consulting and customer service division. The resulting merged business units then became known simply as IBM Personal Systems Group.[11] In 1999, IBM stopped selling their computers at retail outlets after their market share in this sector had fallen considerably behind competitors Compaq and Dell.[12] Immediately afterwards, the IBM PC Co. was dissolved and merged into IBM Personal Systems Group.[13]

On September 14, 2004, LG and IBM announced that their business alliance in the South Korean market would end at the end of that year. Both companies stated that it was unrelated to the charges of bribery earlier that year.[14][15][16][17] Xnote was originally part of the joint venture and was sold by LG in 2012.[18]

Acquisition

Sign outside of the IBM Yamato Facility in Japan in 2007

On December 9, 2004, Chinese technology firm Lenovo announced its intent to purchase the IBM Personal Systems Group for $1.3 billion in an all-stock deal.[1] In 2005, some doubts were raised on the matter of national security of the United States.[19] On March 9, 2005, the Committee on Foreign Investment in the United States confirmed to IBM that the acquisition could finish.[20] The deal was closed on May 3, 2005.[2] Part of the deal included that Lenovo would move their global headquarters from Beijing to New York.

Starting in 2006, Lenovo distanced themselves from the IBM brand.[21]

In 2007, IBM sold US$85 million of Lenovo shares.[22][23][24]

In December 2007, the "Lenovo Pride Day" event was held. Lenovo employees peeled off the IBM stickers from their equipment and replaced it with Lenovo stickers.[25]

Further developments

In 2014, Lenovo also acquired the x86 server business from IBM.[26]

Columnist Tim Bajarin from PC Mag stated in 2015 that he was originally highly pessimistic about the deal. He suspected that talented employees would not leave IBM. He praised the Lenovo employees for doing a good job on integrating the business.[27]

When former CEO of IBM Samuel J. Palmisano planned on departing in 2011, he was interviewed by The New York Times. He stated that he avoided negotiations with Dell and private equity firms and preferring Lenovo for strategic reasons. He stated that the government of China want their companies to expand globally, IBM enhanced themselves in the Chinese market.[28]

See also

Further reading

  • "Lenovo, on top of the PC world - People's Daily Online". en.people.cn. Retrieved April 16, 2023.

References

  1. ^ a b Williams, Martyn; Kallender, Paul (December 9, 2004). "China's Lenovo to buy IBM's PC Business". InfoWorld. Retrieved October 3, 2008.
  2. ^ a b "IBM closes China deal on PC unit". The New York Times. May 3, 2005. ISSN 0362-4331. Retrieved March 29, 2023.
  3. ^ Kumar, Nirmalya (2013). Brand breakout: how emerging market brands will go global. Jan-Benedict E. M. Steenkamp. Houndmills, Basingstoke, Hampshire. ISBN 978-1-137-27662-9. OCLC 851972628.{{cite book}}: CS1 maint: location missing publisher (link)
  4. ^ Hamm, Steve; Pete Engardio; Frederik Balfour (December 20, 2004). "Big Blue's Bold Step into China". BusinessWeek (3913). Bloomberg L.P.: 33–34. Archived from the original on May 12, 2023.
  5. ^ Burgess, John (September 3, 1992). "IBM Plans Division For Its PC Business; One Executive Expected to Be Put in Control". The Washington Post. p. B11. Archived from the original on May 12, 2023.
  6. ^ Burgess, John (November 26, 1992). "With New Approach and Executive Team, IBM Seeks a Rebirth". The Washington Post. p. D1. Archived from the original on May 12, 2023.
  7. ^ Hooper, Lawrence (September 3, 1992). "IBM to Unveil New Structure of PC Business". The Wall Street Journal. Dow Jones & Company: A3 – via ProQuest.
  8. ^ "IBM reports record loss of $8 billion". Austin American-Statesman. Knight-Ridder Tribune Service: B6. July 28, 1993 – via ProQuest. {{cite journal}}: Unknown parameter |agency= ignored (help)
  9. ^ Lohr, Steve (August 2, 1993). "I.B.M. and Dell Stake Out the Little Picture in PC's". The New York Times: D2. Archived from the original on May 26, 2015.
  10. ^ Burke, Steven (September 11, 1995). "IBM Power Personal Systems group to be folded into PC Co". Computer Reseller News (648). CMP Publications: 7 – via ProQuest.
  11. ^ Zimmerman, Michael R.; Lisa Dicarlo (December 14, 1998). "Not Your Father's PC Company Anymore". PC Week. 15 (50). Ziff-Davis: 1 – via ProQuest.
  12. ^ Hansell, Saul (October 25, 1999). "The Strategy For I.B.M.: Loss-Leader PC Sales". The New York Times. ISSN 0362-4331. Retrieved March 29, 2023.
  13. ^ Greiner, Lynn (October 22, 1999). "Big Blue to combine PC division with PSG". Computing Canada. 25 (40). Plesman Publications: 6 – via ProQuest.
  14. ^ Won Choi, Hae (September 15, 2004). "IBM, LG Electronics Call Halt To PC Joint Venture in Korea". The Wall Street Journal. ISSN 0099-9660. Retrieved November 25, 2022.
  15. ^ Sung-ha, Park (August 30, 2004). "LG, IBM to split by end of year". Korea JoongAng Daily. Retrieved November 25, 2022.
  16. ^ "IBM, LG Electronics to End Joint Venture". Forbes. Archived from the original on October 22, 2004.
  17. ^ Vance, Ashlee. "South Korea slams IBM with server slush fund charges". www.theregister.com. Retrieved November 25, 2022.
  18. ^ "Laptop Retrospective". Laptop Retrospective. Retrieved April 16, 2023.
  19. ^ Lohr, Steve (January 31, 2005). "Is I.B.M.'s Lenovo Proposal a Threat to National Security?". The New York Times.
  20. ^ Bostrom, Johan (March 9, 2005). "U.S. government committee OKs IBM/Lenovo deal". Computerworld. Retrieved November 17, 2022.
  21. ^ Rifkin, Glenn; Smith, Jenna (April 11, 2006). "Lenovo making a break with the IBM brand". The New York Times. ISSN 0362-4331. Retrieved March 24, 2023.
  22. ^ "IBM selling up to $85 mln in Lenovo shares". Reuters. May 8, 2007. Retrieved November 17, 2022.
  23. ^ Lemon, Sumner (February 6, 2007). "IBM sells part of its stake in Lenovo". Computerworld. Retrieved November 17, 2022.
  24. ^ Kong, Joyce Li and Ernest (February 6, 2007). "IBM Plans Sale Of 3.5% Stake In Lenovo Group". Wall Street Journal. ISSN 0099-9660. Retrieved November 17, 2022.
  25. ^ Stefanowski, Robert (2018). Material Adverse Change: Lessons Learned from the M & A Failutres of the Great Recession. Somerset: John Wiley & Sons, Incorporated. p. 143. ISBN 978-1-118-22243-0. OCLC 1030034685.
  26. ^ "Lenovo Acquires IBM's x86 Server Division". PC Mag. Retrieved November 17, 2022.
  27. ^ "10 Years Later, Looking Back at the IBM-Lenovo PC Deal". PCMAG. Retrieved November 17, 2022.
  28. ^ Lohr, Steve (December 31, 2011). "Even a Giant Can Learn to Run". The New York Times. ISSN 0362-4331. Retrieved November 18, 2022.

External links

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