7th May 2002 – Palo Alto (CA): Hewlett Packard (HP) has completed its $18.8BN acquisition of Compaq, and has revealed the combined companies’ new ticker symbol.
As of yesterday, HP’s ticker on the New York Stock Exchange has changed to HPQ, while Compaq stock will no longer be traded. The two companies begin business as a combined entity today.
The transaction cleared its final hurdle last week, when a lawsuit lodged by dissident shareholder Walter Hewlett failed. Initial stock performance has been encouraging, with HP shares rising 4% in the first day of trading since completion of the merger, to close at $18.22 yesterday.