HP & Compaq merger finally sealed
The ayes had it as count officials confirmed that the 19 March shareholder vote on the $18bn Hewlett-Packard and Compaq merger was passed - a new company will start trading next week.
The official count had provided the final hurdle for both chief executives who said that the merger would close on Friday 3 May and see a new company launched on 7 May.
The count was close, being passed in favour by just 3%, or 45.3 million votes from 1.65 billion cast by shareholders.
In a short press announcement, the company said: ‘Based on this report, HP confirms that the proposal has passed in accordance with New York Stock Exchange requirements.’
Yesterday, HP had survived a last ditch challenge in the courts from HP heir Walter Hewlett. His allegations of vote buying and misleading of investors was thrown out of court leaving the vote count as the only obstacle blocking the deal.
Hewlett himself said he would offer his services to help make the integration successful.