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Hewletts and Packards resist Compaq deal

The families of the founders of Hewlett-Packard, who together control 17% of outstanding HP hares, have voiced their opposition to the proposed merger with Compaq

The families of the two founders of Hewlett-Packard, both sizeable share holders in HP, have come out against the merger going ahead. Both families cited a lack of value in the deal as the reason for their resistance. Between them the two families control almost 17% of the outstanding HP shares.

On Tuesday William Hewlett, son of Bill Hewlett, said that his family and its foundations would vote against the $18 billion deal, saying that the merger did not offer HP the chance to add value to its core printer business, but diluted its value through moving further into the troubled PC business.

Yesterday, David Packard, son of Dave Packard expressed similar concerns, although he has not yet been backed by his sister and the family foundations. A number of Wall Street investors have expressed their reservations about the deal.

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