Compaq Computer Corp. Chief Executive Michael Capellas said on Wednesday his company and Hewlett-Packard Co. were determined to hold shareholder votes in March on their $22.3 billion merger, and said regulatory approval was on track for that to happen.
"I think I can speak for us collectively -- HP -- here. We are absolutely bound and determined to get the vote in March," he said in an interview with Reuters.
"All the processes are moving forward. Whether it's filing the S-4 (merger plan document), regulatory approval, all the things are going through," he said.
A decision by European regulators on whether to approve the deal or prolong their investigation by four months -- and potentially challenge part of the plan -- is due by Thursday, but Capellas said he did not have official word on the ruling.
Whether the merger will be approved by shareholders is also still an open question. The deal has run into fierce opposition from key shareholders including HP director Walter Hewlett, the son of company co-founder William Hewlett.
Capellas and Hewlett-Packard Chief Executive Carly Fiorina this week independently briefed Institutional Shareholder Services, a company which will advise fund managers how to vote on the merger. Capellas said it would affect a "tremendous" number of funds but declined to say how the meetings went.
News source: Reuters - Compaq CEO Sees Merger on Track with Regulators
