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HP: 65 Percent of Employees Support Compaq Merger

Neowin · Jan 26, 2002 15:43 EST with -1 comments

Internal polls show a majority of Hewlett-Packard Co.HWP.N employees support plans to buy Compaq Computer Corp.CPQ.N, the company said on Friday, although a leading critic of the merger said an independent survey was needed.

Hewlett-Packard in a filing said 65 percent of employees supported the $24 billion merger in a survey ended Jan 9.

The company has touted higher numbers previously, although executives said support was higher than the previous broad survey in mid-November, when 55 percent backed the deal.

Less than 3 percent of HP stock is held by employees, but their support is seen as crucial to a successful integration of the two companies and internal support would suggest the merger is not simply an idea pushed by the Hewlett-Packard board.

News source: Reuters