SACRAMENTO, Calif. (Dow Jones)--The California Public Employees' Retirement Systems, or Calpers, plans to vote its 7.6 million shares of Hewlett-Packard Co. (HWP, news, msgs) stock against the merger of H-P and Compaq Computer Corp. (CPQ, news, msgs).
Calpers posted its decision on its Shareowner Forum, posted on its Web site.
"We do not believe that this merger will create long-term value for the Calpers investment portfolio," Calpers said in a statement Friday.
Calpers cited the high premium being paid for Compaq, the "negative" financial consequences of the merger, the "significant" integration risks and opportunity costs of losing focus on H-P's core strengths. DOW JONES NEWS 03-08-02 06:10 PM |
