Information from Lenovo (LNVGY) confirms that the company will temporarily give up the acquisition of Brazil's largest PC maker Positivo, but the two sides will discuss the possibility to cooperate by setting up a strategic alliance.

At the same time, Lenovo told local media that the company will continue to evaluate other acquisition opportunities in the future.

The unnamed official from Lenovo told local media that the company has reached an agreement with Positivo that because of the uncertainty in the current economic situation, the acquisition is not feasible at this time. However, both sides agree that cooperation will bring great value and the two companies are discussing about setting up a general strategic alliance to realize long-term shareholder value without making acquisition.

According to previous reports of Brazilian local media, Lenovo once offered about USD833 million for the acquisition of Positivo. After that, Lenovo published a report, which said the company did talk with independent third parties about potential investment and acquisition opportunities, but they did not reach or sign any agreement.