When Lenovo announced in December 2004 that it was taking over the PC business of IBM, it stunned employees at “Big Blue”, competitors in the industry, bankers and management experts. As most cross-border mergers and acquisitions fail anyway, how could this succeed?
The US$1.75bn deal was unprecedented.
It involved a company controlled by the Chinese state swallowing one of the world's leading technology businesses. A company that had been selling in China only was attempting to transform itself into a global player with foreign markets accounting for 60 per cent of its sales.
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