Lenovo eyes Packard Bell for acquisition

Staff Writers | 9 Aug 2007

Memorandum of understanding issued.

Lenovo has announced that it is in exclusive discussions about a potential acquisition of Packard Bell.

The Chinese computer giant said it has entered into a memorandum of understanding (MOU) with an independent third party to explore the possibilities of acquiring the European PC company.

Packard Bell was bought from NEC by Hong Kong entrepreneur John Hui last year for an undisclosed sum. Packard Bell's presence in Australia was dissolved over ten years ago.

The company is currently continuing negotiation with the works council and said it is undertaking the necessary enquiries with all concerned parties and government bodies in preparation for entering into definitive agreements for acquisition.

Should all the necessary checks and balances be met, the deal will be conducted under the Hong Kong Stock Exchange listing rules.

Lenovo is still warning shareholders and potential investors that the proposed acquisition may or may not materialise.

Further announcements will be made as and when appropriate to comply with requisite listing rules and procedures.

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