The PC vendor Lenovo has dropped its bid for Brazilian firm Positivo Informatica.
Positivo is Brazils largest PC company and currently holds 20 per cent of the Brazilian IT market and Lenovo was reported to have made an offer of $833 million for the company.
Earlier this week, the Lenovo board confirmed that it was in talks but it would appear that these negotiations never progressed past the preliminary stages.
“Lenovo and Positivo agree that given the current economic turmoil and uncertainties, it is not feasible to reach an agreement on a transaction at this time,” says Lenovo spokesperson, Angela Lee.
“The companies are exploring a broad strategic alliance that would create long-term shareholder value for both companies.”
Source: PC Pro