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| Dell agrees $67bn EMC takeover | Dell agrees $67bn EMC takeover |
| (34 minutes later) | |
| US computer giant Dell has agreed a deal to buy data storage company EMC for $67bn (£44bn). | US computer giant Dell has agreed a deal to buy data storage company EMC for $67bn (£44bn). |
| EMC shareholders will receive $33.15 per share, $24.05 of which will be in cash. | EMC shareholders will receive $33.15 per share, $24.05 of which will be in cash. |
| If approved by regulators, the deal would be the biggest in history between two technology companies. | |
| Falling demand for PCs means Dell is looking to expand into more lucrative businesses, and it has identified data storage as a key growth area. | Falling demand for PCs means Dell is looking to expand into more lucrative businesses, and it has identified data storage as a key growth area. |
| "Our new company will be exceptionally well-positioned for growth in the most strategic areas of next-generation IT ," said Dell boss Michael Dell. | |
| EMC boss Joe Tucci said: "The waves of change we now see in our industry are unprecedented and, to navigate this change, we must create a new company for a new era". | |
| Mr Dell will be chairman and chief executive of the combined group. | |
| The exact cost of the deal will depend on the value of shares in VMware, the software company controlled by EMC. VMware will remain an independent, listed company. |