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The Hewlett Foundation, which opposes the proposed Sircam merger with Compaq, has sold 5.5 million shares in HP and an undisclosed number in HP's Agilent division. It leaves the Foundation, controlled by leading merger dissident Walter Hewlett, holding 36.5 million shares. As these are voting shares, Hewlett has less clout than he did before the sale.

But it's a more complex arrangement than first appears: in all, the Foundation will acquire over a hundred million shares from the Hewlett family trust, giving Walter more rather than less board leverage, should he wish to stick around.

"We think this deal is so fundamentally bad that it will be defeated by a huge margin, not a close margin," Hewlett's advisor told the Mercury News. ®

Sircam Merger: Full Coverage

HP to buy Compaq for Battle of the Bulge
HP makes Don Capellas an offer he can't refuse
Princess Fiorina kisses the Ugly Frog
HP/Compaq should corner 26.4% of Euro PC market
Princess Fiorina addresses subjects
Merged HP will send 16,000 staff Paqing
Winners and losers from the HP/Compaq merger
Compaq name to go, will trade as HP
For hire: Compaq's iPaq engineering team
HPaq execs pocket millions in merger payola
HPaQ gets thumbs up from Saudi billionaire Prince
HPaQ must die - major investor
HPaQ UK PC sales plummet in Q3
Q3 is a dog for Compaq

Hewlett family hates Compaq merger (true)
SirCam merger gets personal: Valley aristos send Compaq paq-ing
Get Walter! Hewlett Jr. smeared to save Compaq merger
What feud? HP boss turns on media
Packard family naysays Compaq merger
Sircam merger will ruin us - Hewlett Jr

MemoWatch: HP begs staff to PR Compaq deal

HP-Compaq merger - readers speak their minds
HP / Compaq merger: You the Jury

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