Hewlett-Packard / Compaq deal approved by 45.3 Million shares

Hewlett - Packard (HP) announced yesterday that its proposed merger with Compaq was approved by 45.3 Million shares. The announcement came after independent Inspectors of Election, certified that the company’s shareholders had backed the controversial move.

Reports yesterday suggested that the merger should be finalised today and HP will unveil the ‘new’ company combined with Compaq next Tuesday.

According to the inspectors (representatives of IVS Associates Inc.,) 839.4 million shares voted for the proposal at the special meeting on March 19. 739.1 voted against the move and 14 million abstained.

Walter Hewlett, the son of a company founder and a HP board member, has been fighting strongly against the proposed deal - his bid to contest the vote failed in the courts earlier this week.