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HP to Buy Compaq in $25 Billion Deal | |
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| Time: 07:38 EST/12:38 GMT | News Source: Reuters | Posted By: Julien Jay | ||
Hewlett-Packard Co. announced on Monday it will buy Compaq Computer Corp. for some $25 billion in stock, in a deal that would create a new computer and technology services powerhouse amid an industry-wide slump. The combined company, which would retain the HP name, would become the largest personal computer vendor in the world and have revenues of $87.4 billion, rivaling information technology leader IBM . The deal will generate cost savings of $2.5 billion by the middle of fiscal 2004 and add to Hewlett-Packard's pro forma earnings per share in the first full year after the merger, the companies projected, estimating the deal would close in the first half of 2002. Shareholders of Palo Alto-based HP would own 64 percent of the combined company and Compaq's shareholders would own 36 percent. Fiorina, HP Chairman and CEO, would be chairman and CEO of the combined company with Compaq chief CEO Michael Capellas becoming president. | ||
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| #1 By 182 (24.23.165.86) at 9/4/2001 8:42:51 AM |
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Heh.
I'll bet Dell is pissed. Can't claim to be the number one selling PC manufacturer in the world anymore. Somehow I can't help but mourn the death of the great Compaq name, though. |
| #2 By 116 (129.116.86.41) at 9/4/2001 9:03:13 AM |
| Holy crap. I don't know if I like it or not but holy crap. |
| #3 By 116 (129.116.86.41) at 9/4/2001 9:05:33 AM |
| Is this a joke? I checked my calendar and its not april. |
| #4 By 931 (63.169.175.28) at 9/4/2001 5:04:06 PM |
|
I agreee with #8...
The only way these too can get together without screwing themselves and everyone around them would be HP taking the consumer pc and handheld division and HP dumping there Intel server and desktop business, letting compaq do what it does best... sell quality servers\desktops\storage to the corporate market. The highend unix and datacenter efforts could probablly merge there product line together. This of course will not happen and people will turn to Dell and IBM to cleanup the mess... It's really a shame... a dam shame!.... Anyone look at the fincials of cpq... freaking just work the numbers in cash on hand.. = 13-14$ stock price.. 7-8 quarters of beating or meeting street expectations.. dam bastards give compaq no respect. :( It will be sad to see them go, I almost hope this gets broken up for some reason.. |
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