By Sonya Rabbitte, 20 December 2001 12:23
NEWS HP has swiped back at dissident board member Walter Hewlett, branding his opposition to the Compaq merger as "simplistic anti-merger bias". The company issued its formal response to Mr Hewlett in a document sent to shareholders. In the paper, the company argued that the $2.5bn savings - an anticipated result of the merger - would outweigh the five per cent revenue loss that is expected following the merger. Several other Hewlett and Packard offspring have since joined Walter Hewlett in opposing the merger, and between them hold about 18 per cent of company shares. Mr Hewlett claims the merger will affect HP's profitable printing business by increasing its exposure to the more volatile PC market
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