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China's Lenovo In Talks With Packard Bell

World's No. 3 personal computer maker looking to buy Europe's Packard Bell BV to continue foreign market expansion.

HONG KONG (AP) - Lenovo Group Ltd., the world's No. 3 personal computer maker, is in talks to buy Europe's Packard Bell BV to continue its expansion into foreign markets.
 
Beijing-based Lenovo made the announcement in a statement to the Hong Kong Stock Exchange late Tuesday, without disclosing further details.
 
Tokyo-based electronics manufacturer NEC Corp. sold Netherlands-based Packard Bell last year to John Hui, the former owner of e-Machines.
 
Lenovo, one of a handful of Chinese companies trying to create global brand names, launched a campaign to expand its presence in foreign markets after acquiring IBM Corp.'s personal computer unit in 2005.
 
Last week, it reported a 12-fold jump in quarterly profits that beat market expectations as the company made progress in efforts to build its global brand.
 
Profits rose to US$66.8 million (euro48.8 million) for the April-June quarter on strong sales in China and the Americas, up from US$5.2 million (euro3.8 million) in the same period a year ago, the company said.
 
Lenovo's Hong Kong-listed shares were up 2.24 percent at HK$5.02 midday.