HP/COMPAQ: HP NZ bullish about future

Hewlett-Packard New Zealand boss Barry Hastings is bullish about the future following the announcement of the results of the shareholder vote into the merger with Compaq.

Hewlett-Packard New Zealand boss Barry Hastings is bullish about the future following the announcement of the results of the shareholder vote into the merger with Compaq.

Although the results are yet to be confirmed, HP is claiming enough support from shareholders to go ahead.

Compaq shareholders vote on the merger today, and are expected to pass the proposal.

Hastings says while the company is still in a holding pattern, continuing with business as usual, the framework for the merger at a local level is all but complete.

"The plan itself isn't finalised but the framework for the plan is in place." Issues such as overlap in employee numbers or roles have yet to be decided on, but the ground work has been laid since the announcement.

"We've been working hard for these last six months on the merger so it's great to see it finally getting the green light. I'm excited by it."

Compaq spokesman Ken Erskine says Compaq expects the merger will be supported by shareholders.

"Although we're confident the merger will ultimately be approved, those HP votes must be counted and certified by independent election inspectors before there is an official decision." Erskine expects that to take a number of weeks.

IBM, the third placed PC manufacturer in New Zealand, declined to comment as part of a worldwide "no comment" policy.

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