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Wednesday, January 29, 2014

Lenovo CFO: no need to go back to debt markets for Google deal, (NASDAQ: AAPL)

Lenovo Group Ltd has no urgent need to go back to the debt markets to raise cash for its acquisition of Google Inc's Motorola handset division, the Chinese company's chief financial officer said on Thursday. Wong Waiming also told a media briefing that the company had $3 billion cash on hand last year and the total capital outlay for the Motorola deal and Lenovo's acquisition of IBM's low-end server business, announced last week, was about $2.8 billion.The Motorola acquisition is China's largest-ever tech deal as Lenovo buys its way into a heavily competitive U.S. handset market dominated by Apple Inc.

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL fell by 1.14% or $-5.75/share to $500.75. In the past year, the shares have traded as low as $385.10 and as high as $575.14. On average, 11728900 shares of AAPL exchange hands on a given day and today's volume is recorded at 17991828.