By Aled Herbert, 2 May 2002 08:25
NEWS HP says it will close the mega-billion merger with Compaq on Friday after unveiling the results of the crucial shareholder vote. The company said on Wednesday that the final count shows that shareholders have given their narrow approval to the merger with its former rival. According to the final tally from Delaware-based IVS Associates, 838,401,376 shareholders voted in favour of the $22bn deal, compared with 793,094,105 against. There were around 14 million abstentions. HP said it expects to launch the new company on Tuesday. Earlier this week, long-time deal opponent and HP heir Walter Hewlett gave up his opposition to the deal after seeing his lawsuit against the HP board thrown out for lack of evidence. Hewlett was trying to prove that HP CEO Carly Fiorina improperly coerced the institutional shareholders into supporting the deal.
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