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IBM Sells Another Batch of Lenovo Shares

Following an $80.6 million placement, IBM now owns 7.5% of the Chinese computer maker that bought its PC division three years ago

International Business Machines (IBM) has trimmed its stake in Lenovo through another share placement, leaving it with 7.5% in the company as the three-year anniversary of Lenovo's acquisition of its personal computer division approaches.

The HK$628.6 million ($80.6 million) transaction was completed at a tight 3% discount to yesterday's close of HK$5.58, which is a bit of an achievement in the current markets—especially since the share price had gained 3.5% earlier in the day and 6.7% over the past two sessions. The final price equalled a 2.1% premium to the 10-day average closing price.