IBM divorces Lenovo again with block trade

US computer giant books a loss selling $150 million worth of Lenovo shares in a block trade that ends an 11-year shareholding relationship with its Chinese competitor.

IBM ceased to be a shareholder in Lenovo for the second time in its history on Wednesday after executing a HK$1.17 billion $150 million clean-up trade.

The US computer manufacturer took advantage of improving equity sentiment to sell a 1.6% stake in the Chinese computer giant through an accelerated bookbuild led by Goldman Sachs.

However, the company still netted a loss from the trade since it first purchased the shares for $195.18 million as part of an MA deal that closed in September 2014 according to SP Global Market Intelligence.

Bankers will nevertheless be hoping the deal injects some much needed...

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