HP declares merger will be approved

Hewlett-Packard declared victory Tuesday in its hotly contested battle to merge with Compaq Computer.

In a statement released after shareholders voted on the proposal, the company said 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 Computer Corporation."

The company noted that the results are not official.

"We are gratified that HP shareowners recognize 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 favor of this transaction," HP CEO Carly Fiorina said in a statement.

News source: Cnet

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