A top Hewlett-Packard executive said the company's planned merger with Compaq Computer would not be up for a shareholder vote until late February at the earliest. On a conference call Wednesday hosted by Deutsche Bank, Chief Financial Officer Bob Wayman continued to tell analysts why the HP-Compaq deal makes sense. Shareholders--including Walter Hewlett--are opposing the deal on grounds the two companies cannot pull off a complicated integration job.
According to analyst reports, Wayman said HP's discussions with the Federal Trade Commission are progressing, but talks with the European Union remain in the early stages. Wayman said the goal is to complete the deal in the first calendar quarter of 2002. Wayman also reiterated that HP could handle the integration with Compaq and deliver on the promise that it could shave $2.5 billion in costs.