I.B.M. Out of Intel

The New York Times

Armonk, N.Y. -- December 10, 1987 -- (Reuters) -- The International Business Machines Corporation said it had sold its remaining 3.1 million shares of the Intel Corporation, which it had bought as part of an investment in the chip maker five years ago. I.B.M. did not disclose the price it received, although it was thought to have been about $75 million. In the privately arranged transaction, Salomon Brothers Inc. bought the stock from I.B.M. and resold it to institutions. Intel stock closed today at $24, down $1.50, in over-the-counter trading. I.B.M. has gradually disposed of its holdings in Intel, which peaked at 22 million shares.

Copyright 1987 The New York Times Company