Much publicized deal between IBM and China's computer maker Lenovo has won clearance from U.S. national security oversight committee, putting the $1.25 billion PC sale on track. According to this report on Reuters, this will be the first time a major U.S. and a top Chinese corporation merge, and make it a big one, since the deal will create the world's third largest PC maker and one strongly positioned in several fast-growing markets.

"We were able to get unanimous agreement from the members of the committee," Stephen Ward, the general manager of IBM's Personal Systems Division, said in a telephone interview. Ward is to become chief executive of Lenovo, which is headquartered in Beijing, once the deal closes.