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Friday Aug 29 2008
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HP close to $13bn takeover of EDS
Hewlett-Packard on Monday was nearing an agreement to buy Electronic Data Systems for as much as $13bn in a deal aimed at challenging IBM’s dominance in information technology services. HP, the world’s biggest IT company by sales, and EDS, a leading IT services company, confirmed they were in “advanced discussions”, but warned that a deal was not certain. Sources close to the deal said HP was poised to pay $12bn-$13bn for the Texas-based services group, and that a deal could be finalised as soon as Tuesday. Lex says HP will find it hard convincing its shareholders that it can successfully integrate a different business and that it is worth paying a premium in order to try.
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