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Lenovo's buyout of BlackBerry was blocked by Canadian Government

BlackBerry could have been bought by Lenovo, but Canadian Government said no! (NASDAQ:BBRY, HKG:0992)

| Business, Financial & Legal News | Posted: Nov 6, 2013 10:16 pm

Lenovo could be the new owner of BlackBerry right not if it were not for the Canadian government stepping in and nixing the acquisition on grounds of national security. A new report is stating that Lenovo was serious about its bid for BlackBerry, and would have went through with the deal if not for the Canadian government saying no.

 

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The Canadian government says that it could not let a Chinese company buy out a telecom company that has deep ties with the Canadian Government as it could pose a major national security risk. "We have been pretty consistent that the message is Canada is open to foreign investment and investment from China in particular, but not at the cost of compromising national security," said a Canadian Government official. Sources say that Lenovo had been looking at BlackBerry back as early as January, and apparently was in acquisition talks since that time as well.

NEWS SOURCES:Electronista.com

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