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Edition: U.S. Article Comments (1) Save Email Print Reprints Most Popular Most Shared Potentially deadly fungus spreading in U.S. and Canada 22 Apr 2010 North Korea torpedoed South's navy ship: report 22 Apr 2010 UPDATE 2-'South Park' airs 'censored' episode after threat 22 Apr 2010 Biggest study on cellphone health effects launched 22 Apr 2010 U.S. to WellPoint: Stop dropping breast cancer patients 11:46am EDT Durable goods orders ex-transport, home sales up | Video 4:28pm EDT Wall Street gives much to lawmakers in reform debate 8:13am EDT Oil spill contained, search for 11 continues | Video 12:54pm EDT Greece presses "help" button, markets still wary | Video 4:22pm EDT World stocks, euro, rise after Greek aid | Video 1:08pm EDT Potentially deadly fungus spreading in U.S. and Canada 22 Apr 2010 U.S. to WellPoint: Stop dropping breast cancer patients 11:46am EDT Police barred from penis enlargement 12:10pm EDT Biggest study on cellphone health effects launched 22 Apr 2010 North Korea torpedoed South's navy ship: report 22 Apr 2010 Privacy chiefs keep watch over Facebook | Video 22 Apr 2010 Legalizing pot may kill buzz in California enclave 22 Apr 2010 UPDATE 2-'South Park' airs 'censored' episode after threat 22 Apr 2010 Durable goods orders ex-transport, home sales up | Video 4:28pm EDT Greece presses "help" button, markets still wary | Video 4:22pm EDT Pictures Tech watch A recent sampling of our best pictures from the world of science and technology. Slideshow Lenovo emerges as leading candidate for Palm: sources Kelvin Soh HONG KONG Fri Apr 23, 2010 12:47pm EDT Related News HTC declining Palm bid, leaves Lenovo in the field-source 12:50am EDT Palm slides after losing key exec, RadioShack Mon, Apr 19 2010 UPDATE 1-Palm slides after losing key exec, RadioShack Mon, Apr 19 2010 Palm shares slide after software chief quits Mon, Apr 19 2010 Lenovo looks to mobile Internet for growth Mon, Apr 19 2010 A Palm Pre cellular phone can be seen in New York June 3, 2009. Credit: Reuters/Lucas Jackson HONG KONG (Reuters) - Lenovo, the world's No.4 PC brand, has emerged as the leading candidate to buy struggling smartphone maker Palm, after the U.S. firm was rebuffed by other potential Asian buyers, sources said. Technology | Deals | Media Shares of Hong Kong-listed Lenovo rose as much as 5.9 percent to a 23-month high on Friday, helped by expectations of strong growth in the sector and speculation that it could bid for the U.S. company once considered a pioneer in the smartphone space. "A most suitable candidate will be a mainland Chinese company," said Lu Chialin, an analyst at Macquarie Securities in Taipei. "They've got a lot more free cash and don't have the brand presence in the United States, so that will all give them that boost they need." Investment banking sources said they had heard that Lenovo is looking into a possible bid for Palm, but did not have any further details. HTC, the world's No. 5 smartphone brand and one name associated with a possible offer, was approached about making a bid but decided to pass after reviewing Palm's books, a source with direct knowledge of the situation said. "There just weren't enough synergies to take the deal forward," said the source, who declined to be identified because the talks were private. Huawei, the world's No.2 wireless telecoms equipment maker, also declined to put in a bid, a company source said earlier this month. Smaller rival ZTE, also mentioned in earlier reports as a possible bidder, was not approached on the deal, its chairman told Reuters. Representatives from HTC and Lenovo both declined to comment, and Palm officials were not immediately available outside regular U.S. business hours. Earlier this week, Lenovo's Chief Executive Yang Yuanqing also declined to comment about a possible Palm buy. Shares in the company closed up 2.7 percent at HK$6.09 in a Hong Kong markets down 1 percent. BUYER OF FADED LEGENDS Industry observers said Palm would fit well into cash-rich Lenovo's current strategy that focuses on growth through acquisitions and movement into the wireless space. Lenovo had over $2.4 billion in net cash reserves at the end of 2009, it said on its website, and has previously said that it remains open to merger opportunities. Based on recent deals in the technology sector, a Palm sale could potentially fetch $1.3 billion, given its current $1 billion market capitalization and the 30 percent premium recently paid in tech deals. The company's advisers had previously been seeking about $1.2 billion for the company -- a valuation considered too rich by many suitors, one investment banking source said, speaking on the condition of anonymity. Another investment banking source, who also spoke on condition of anonymity, said he was unsure on how aggressively Lenovo was going to be in bidding for Palm. "What are you buying - a good operating system?" he said. "It's a wounded brand." Palm has struggled to generate interest from buyers in its Pre and Pixi smartphones, with customers turning to more popular buys such as Apple's iPhone and Research in Motion's Blackberry. It sold about 408,000 units in the quarter ending February 26, lower than the 600,000 units or more many analysts were expecting. After selling its cellphone unit to focus on its core PC business, Lenovo bought back the unit last year as part of its aim to become the Chinese market leader in mobile communications, as the sector starts to converge with PCs. Since then, Lenovo has launched a smartphone in China, but still has no presence in the U.S. market, which remains the world's largest smartphone market by number of users, according to research firm IDC. Market research firm Gartner expects growth in the smartphone sector to outpace PCs in 2010, drawing a flurry of new entrants into the sector once dominated by names like Nokia and RIM. The Palm purchase, if realized, would also fit into Lenovo's history of expanding into competitive Western markets by buying former product pioneers that have lost their edge. The company is best known for buying IBM's PC business in 2005, and it also tried to buy Packard Bell in late 2007, only to be thwarted by bigger rival, Taiwan's Acer. The strategy has its critics. "It's not a good idea for Lenovo to buy Palm right now," said Vincent Chen, an analyst at Yuanta Securities. "If it does, it's got to be prepared to take on some of Palm's losses and may have to see at least a few more quarters of losses from them." (Additional reporting by Michael Flaherty and Melanie Lee in Shanghai; Editing by Doug Young and Lincoln Feast) Technology Deals Media Comments See All Comments (1) | Post Comment Apr 23, 2010 2:49pm EDT lenevo has bought ibm,and now plam.Geely buys Volvo.And Huawei ZTE are all chinese firms.And HTC ,based on Taiwan,which we chinese also regard as our own island.How ambitious the chinese companies are!As a chinese I have to tell you that the chinese business giants are rich because the china means the one fifth market of the world and most of the chinese are patriotic and many of my students buy Lenevo PCs.And chinese vehicles are also sold mostly in its domestic market.This is also why the two oil giants Sinopec and petrochina can rank their name in the 500 world biggest companies.But we don’t like the two monopoly, including china mobile. Lenevo’s pc is not cheap in China,as expensive as HP and Dell.But we are proud that we can have the international companies such as Haier Huawei Lenevo etc. I don’t appreciate Lenevo’s this bid as its phones are not popular in china now.And its phones are as expensive as Nokia here in china,which doesn’t match its brand value in mobil phone sector. leacky Report As Abusive See All Comments (1) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters U.S. students suffering from Internet addiction: study American college students are hooked on cellphones, social media and the Internet and showing symptoms similar to drug and alcohol addictions, according to a new study. Lenovo emerges as leading candidate for Palm: sources Big expectations for RIM at BlackBerry trade show Privacy chiefs keep watch over Facebook | Video Biggest study on cellphone health effects launched Nokia slashes prices, to delay new software » More Top News Commentary: Does the SEC have a case? Frustration with Wall Street shouldn't be confused with the strength of the SEC's case against Goldman Sachs, writes legal expert Charles K. Whitehead. Commentary Felix Salmon: Goldman’s biggest lie Buffett mum on Goldman Goldman Sachs Apple over Microsoft by a TKO Apple's shares are now 80 times what they were in 1997 while Microsoft's have barely doubled. A Silicon Valley insider explains why. Commentary Microsoft profit rises, shares fall Apple lauded after blowout quarter Apple © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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