1>> The two companies announced a plan to form a complex

  2>> joint venture that would make Lenovo the

  3>> third-largest PC maker in the world, behind Dell and Hewlett-Packard, but still

  4>>  give IBM a hand in the PC business. The acqusition is expected to be completed

  5>>  in the second quarter of 2005.

  6>> 

  7>> Under the deal, IBM will keep an 18.9 percent stake in Lenovo. Lenovo will pay 

  8>> $1.25 billion for the IBM PC unit and assume debt, which will bring the total c

  9>> ost to $1.75 billion. Lenovo will pay roughtly $650 million in cash and $600 mi

 10>> llion in securities. The joint venture is expected to ship around 12 million un

 11>> its based on 2003 numbers and have annual revenue from PC sales of $12 billion.

 12>>