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    News > Deals
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    Canada OKs HP-Compaq
    graphic December 20, 2001: 8:42 p.m. ET

    Canada OKs merger, David Packard says change is good, but not this one.
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  • HP-Compaq proxy fight heats up - Dec. 19, 2001
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    NEW YORK (CNN/Money) - The Canadian competition bureau approved the merger between Hewlett-Packard and Compaq Computer, the companies said Thursday, finding no competitive concern.

    "This is a very important step forward as we move toward completing our merger with HP," said David Booth, president and managing director of Compaq Canada Corp.

    In a separate statement David W. Packard, son of Hewlett-Packard (HWP: Research, Estimates) founder David Packard, said his family's widely publicized opposition to the merger does not mean they are averse to change.

    Packard said none of the previous changes the company undertook, such as transforming from an electronic equipment supplier into a computer company, "endangered the fundamental sense that HP employees were working together for a common purpose."

    He said the massive layoffs and economies of scale associated with the Compaq (CPQ: Research, Estimates) merger are "too risky to support." graphic

      RELATED STORIES

    HP-Compaq proxy fight heats up - Dec. 19, 2001




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