IPC Corp Ltd has sold its 3.27% stake in Compagnie des Machines Bull SA and must be one of a tiny handful of holders that have actually made money selling Bull shares in recent years. It cleared $17m on the deal, having grossed $27m from the sale. IPC and Bull announced a partnership in March last year to make and distribute personal computers made by Zenith Data Systems, control of which has since passed to Packard Bell Electronics Inc, in the Asia Pacific region. It also agreed a printed wire board plant in China and a Smart Card joint venture, and the two formed a joint Zenith Data Systems (Asia Pacific) Pte Ltd. But IPC says the sale to Packard Bell has altered the picture and the other Asian operations of the joint venture have not materialized. IPC will also sell its 49% in the venture.
