Big Blue sells off Lenovo shares

IBM HAS DUMPED more than a quarter of its shares in the Chinese computer maker Lenovo.

Lenovo gave IBM the shares as part payment when it bought Biggish Blue's PC outfit last year.

IBM sold 300 million shares at a fairly low price, triggering a seven per cent share slide before there was a suspension in sales.

IBM made $123 million by selling the shares which made up about 3.5 percent of Lenovo's holdings.

Lenovo had seen its stock increase in value after it reported making oddles of cash earlier on in the week. Unfortunatley, IBM's sale has wiped out most those gains. µ