The European Commission has given formal clearance to the proposed merger between Hewlett-Packard Company and Compaq Computer Corporation. The Commission's Phase I clearance follows a lengthy pre-notification review conducted by the Commission after the parties signed their merger agreement on September 4, 2001.In the press announcement, the Commission confirmed that the transaction does not raise competition concerns in Europe. No undertakings or remedies have been required from the parties in order to secure clearance.
The transaction remains under review by the Federal Trade Commission in the U.S. and several other jurisdictions. It is also subject to shareholder approval. The parties expect to close the transaction during the first half of 2002.
February.2002
Compaq Computer Corporation
Hewlett-Packard Company
