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Deutsche Unit Denies It Was Pressured by HP

April 17, 2002|Reuters

The asset management unit of Deutsche Bank denied allegations that it was pushed into voting for Hewlett-Packard Co.'s proposed $20-billion acquisition of Compaq Computer Corp. "The decision was made by Deutsche Asset Management's proxy committee, who exercised its independent judgment solely in the interest of its clients," spokeswoman Missy DeAngelis said.

HP revealed on Monday that the U.S. attorney's office had subpoenaed information related to votes by Deutsche Bank and another large shareholder, Chicago bank Northern Trust Corp., which was not immediately available for comment and has not revealed its vote in the merger. Deal opponent Walter Hewlett has filed a civil lawsuit alleging that HP effectively bought Deutsche's vote by leading the bank to believe future banking business from HP would suffer if it voted against the merger.

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