On June 1, 2011, Lenovo Group Limited announced its plan to acquire the German consumer-electronics group Medion AG, a well-known electronics manufacturer and supplier. The report indicated that the acquisition will be completed in the third quarter with a cash payment. The move is viewed as a major step for the Chinese Lenovo to penetrate the European market, particularly the German PC market, which will also promote Lenovo’s mobile Internet business. After the acquisition, Lenovo will become the third largest PC manufacturer in Germany.
[Editor: According to Deutsch Welle, "Under the deal, Lenovo plans to buy a 36.6 percent stake from Medion founder and chief executive Gerd Brachmann, who currently owns more than 55 percent of the company. It then wants to extend the 13-euro-a-share offer to other shareholders to build a controlling stake for a total price of 466 million euros."]
Sources: Xinhua, June 1, 2011
Deutsch Welle, June 2, 2011