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Legend, AOL to join hands
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TOP Chinese computer maker Legend Holdings will unveil a US$200 million joint venture with America Online Inc next week, the Asian Wall Street Journal reported on Monday.
The deal between Legend and AOL, the world's largest Internet service provider, was confirmed by a Legend executive and marks AOL's first major foray into Chinese market, the journal said.
The agreement involves each side contributing US$100 million to set up a new company that would develop interactive services for Chinese consumers, the report said.
Citing AOL documents dated late last month, the journal said the two companies will have equal say in management decisions as well as equal board representation.
Legend will own a 52 per cent stake in the new venture.
Legend is a majority State-owned company which is listed in Hong Kong and has 30 per cent of the personal computer market in China.
The agreement marks the first step by the Virginia-based Internet unit of AOL Time Warner Inc toward offering its popular dial-up service and Web portal to China's 22 million online users, the journal said.(SD-Agencies)
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