Shares of China's Lenovo fall after report of bid to purchase BlackBerry
AFPHONG KONG--Shares of Chinese computer and phone maker Lenovo tumbled 1.71 percent Friday following a report it is mulling a counter bid to buy struggling Canadian smartphone maker BlackBerry.
October 19, 2013, 12:42 am TWN
The Wall Street Journal, citing unnamed sources close to the matter, said Lenovo had signed a confidentiality agreement to access BlackBerry's accounts.
If Lenovo did buy BlackBerry, the deal would be one of the biggest and highest-profile purchases of a Western company by a Chinese firm, the report said.
However, Lenovo's Hong Kong-listed shares fell on Friday, closing at HK$8.07. The company has declined to comment on the report.
“I just don't see a good logic,” CLSA head of Asia Pacific technology research Nicolas Baratte said. “There is little value left in BlackBerry.”