September 4, 2001

HP to buy Compaq for 'battle of the bulge'

Author: JT Smith

The Register: "So this was Compaq CEO Michael Capellas' grand plan to transform the company within 180 days:
sell it to competitor Hewlett-Packard for $25 billion in shares.

The two companies last night announced a mega-merger in which HP shareholders will have 64 per
cent of the combo and Compaq shareholders will take 36 per cent.

HP CEO Carly Fiorina will be top banana for the new entity, assuming CEO and Chairman duties.
Compaq CEO Michael Capellas will become president, and he's joined on the new board by four
Compaq staffers."

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