HP believes shareowners have approved Compaq merger

The board of directors of Hewlett-Packard have announced that based on a preliminary estimate of shareowner proxies by its proxy solicitor, it believes it has received sufficient votes to approve HP's merger with Compaq.

The company acknowledged, however, that this is not an official vote. Official certification of the voting results by the independent inspectors of election, IVS Associates, is expected in the next few weeks, at which time the certified results will be announced.

"We are gratified that HP shareowners recognise the compelling strategic and economic benefits of the merger and that a decisive majority of shares not affiliated with the Hewlett and Packard families and foundations appear to have been voted in favour of this transaction," said Carly Fiorina, HP chairman and chief executive officer.

"We look forward to Compaq's shareowner vote tomorrow [21 March - Australian time] and the official certification, and we expect to complete the merger soon after the vote is certified, allowing us to quickly begin execution of the comprehensive integration plans we have been preparing for many months. Today's vote is the beginning of the process of building an even greater HP. We have much work to do, but we are energised and confident as we move to capitalise on the potential of this combination."