China Oceanwide buys 29 p.c. of Lenovo parent

CIOL Bureau
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SHANGHAI, CHINA: China Oceanwide Holdings Group, a private investment firm, said on Friday it had bought 29 per cent of Legend Holdings, the parent of the world's No. 4 PC maker, Lenovo.

A spokeswoman for China Oceanwide said the firm bought the stake for 2.76 billion yuan ($404.1 million) and that more information would be available at a media event next Tuesday.

The asset management unit of the Chinese Academy of Sciences was seeking 2.76 billion yuan for the 29 percent stake of Legend Holdings.