China approves Lenovo, IBM $2.3 billion server deal

BEIJING Fri Jul 4, 2014 2:13am EDT

Lenovo Chairman and Chief Executive Officer Yang Yuanqing (R) gestures beside Chief Financial Officer Wong Wai-ming during a news conference announcing the company's annual results in Hong Kong May 21, 2014. China's Lenovo Group Ltd, the world's fourth-biggest smartphone vendor, saw net profit grow 29 percent for the business year ended March, as strong smartphone sales helped shore up weak growth in China. EUTERS/Bobby Yip

Lenovo Chairman and Chief Executive Officer Yang Yuanqing (R) gestures beside Chief Financial Officer Wong Wai-ming during a news conference announcing the company's annual results in Hong Kong May 21, 2014. China's Lenovo Group Ltd, the world's fourth-biggest smartphone vendor, saw net profit grow 29 percent for the business year ended March, as strong smartphone sales helped shore up weak growth in China. EUTERS/Bobby Yip

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BEIJING (Reuters) - The Chinese Ministry of Commerce's anti-monopoly bureau has approved Lenovo Group's proposed $2.3 billion deal to buy IBM Corp's low-end server business.

The deal, announced in January, is expected to be completed by the end of the year, said Lenovo Chief Executive Yang Yuanqing on Wednesday, but still requires U.S. regulatory approval.

(Reporting by Paul Carsten)

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Comments (3)
ctlakeman wrote:
Yet another story of the industrial decline of the USA. Thousands of US jobs directly and through the supply chain go to another nation. The elites forgot to tell the populace that global goods maybe cheaper initially in the US but in the end they drive global wages and benefits but with that transition we lose the very industrial jobs that provided a superior life prior and replace them will mostly low wage service jobs……….

Jul 04, 2014 12:15pm EDT  --  Report as abuse
RajeevTutu wrote:
Blaming others for our own mistake is a not part of an American gene. We need to confront the issue head on by improving our education and infrastructure. Without a high educated and a competitive workforce in the US, world class companies like Boeing, Pfizer, IBM, HP, Cisco, etc… will gradually be absorbed under foreign ownerships that can manage the resource better than we can. Mass immigration of lower skilled workers is not the answer we need in the short term. The may help to improve immediate low waged mfg jobs crunch. Without regulated and rigid border control, we will re-visit the immigration issue every 10 years, guarantee. We should focus our energy on selling and creating higher value added services and items to other countries that will sustain our “superior” lifestyle, instead of trying and trying and trying to hang on to the old factory manufacturing jobs, unless of course, we feel we have lost that battle too. In that case, yeah, I guess we’re no longer exceptional. But hey, yes, America is still offering the most freedom by far comparing to other countries, but that’s just it – Bring your money here and you are free to spend on anything to your heart’s content. It’s a different matter if you are poor, and trying to make end’s need.

Jul 05, 2014 2:44pm EDT  --  Report as abuse
Cleveland2012 wrote:
It is just a matter of time.

Jul 06, 2014 11:24am EDT  --  Report as abuse
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