Chinese manufacturer Lenovo has played down reports it is poised to table a bid for Research in Motion, as the BlackBerry manufacturer enters a pivotal week.
A report in Bloomberg last week quoted chief financial officer Wong Waiming voicing an interest in the Canadian manufacturer, a move that would give it a substantial foothold in the western phone markets. However, the company moved quickly to pour cold water on the report, saying Wong's quote had been taken out of context.
In a statement, a Lenovo spokesperson said: 'In general, we do not comment on M&A rumors or speculation. We are aware that Lenovo’s CFO [Wong] Waiming was speaking broadly about M&A strategy in a recent interview. RIM was raised as a potential target by the journalist and Mr. Wong repeatedly answered in a manner consistent with all of our previous statements on M&A strategy: Lenovo is very focused on growing its business, both organically and through M&A. When inorganic ideas arise, we explore them to see if there is a strategic fit.'
BlackBerry is set to reveal its long-awaited BB10 operating system on Wednesday, as part of a synchronised global launch. The manufacturer has cut service fees on the new devices in a bid to woo British operators. RIM has been hit by declining market share amid the rise of Apple and Samsung. While it made a net loss of $114m in its most recent trading quarter, its results beat analysts' expectations.
Author: Graeme Neill