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HP-Compaq: Packard Foundation confirms 'no' vote plan

It really isn't looking good for Carly this morning...
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Written by Suzanna Kerridge on

It really isn't looking good for Carly this morning...

The Packard Foundation, which holds a 10.4 per cent stake in Hewlett Packard, has confirmed it is to vote against the company's planned merger with Compaq.

The group claims it is in HP's best interests for the merger to fail.

Walter Hewlett, the chief objector to the deal and son of one the co-founders, has already stated that a number of investors have privately told him they will vote against the deal.

However, Hewlett is remaining unusually quiet in refusing to reveal which investors will be voting 'no'.

The news means around 21 per cent of HP's shareholders have publicly stated they will vote against HP CEO Carly Fiorina's planned takeover, compared with only nine per cent declaring they will vote in favour.

So desperate is Fiorina for the deal to be completed that she recently resorted to phoning small investors in a bid to convince them of the merits of her plans.

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