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Even more 'no' voters rain on HP's parade

Is Carly going to be left with a face like Portillo on election night '97?

By Will Sturgeon

Published: 15 March 2002 08:19 GMT

Two US pension funds with stakes in Hewlett Packard have come out against the companies proposed merger with Compaq - adding more woe to the faltering campaign of HP CEO Carly Fiorina.

The California Teachers' Retirement Fund (CalSTRS) and the Ohio Public Employees Retirement System (PERS) have both said they oppose the merger. CalSTRS and PERS between them hold 7.6 million HP shares, and while this only represents less than half a per cent stake in the company, the two bodies add to the growing momentum gathering behind Walter Hewlett's vote 'no' campaign.

The two pensions funds said they are concerned a merger will devalue HP's offerings and will prove to be disruptive to as the merging of two companies carries with it too many risks in implementation. As such they do not feel it offers best value to their policy holders.

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