IBM/Apple Deal? [Updated]

In an opinion piece in The Register, columnist Cormac O'Reilly speculates that once IBM sells its PC division it will stay in the personal computer business by buying or joining Apple.Excerpts:

Once publicly free of the PC division IBM will either buy, or form a close joint venture with Apple to sell its PCs, which coincidentally are now built around IBM's PowerPC chip.Just think how many positives for IBM such a marriage would provide. IBM would give the same credibility to the Macintosh computer, and its Microsoft-beating operating systems as it provided for the PC in the first place, thereby opening the flood gates of corporate demand.Hitching up with Apple would provide IBM with a real inroad into the fast growing 'lifestyle' market, something the men and women in blue suits kind of missed.

[Update:] A short item at CNET reports that IBM's contract with Lenovo for PC sales requires, with some exceptions, that IBM and its subsidiaries not sell or manufacture personal computers for five years, apparently ruling out the deal with Apple discussed by Cormac O'Reilly.