HP Subpoenaed Over Deutsche Vote

Walter Hewlett, son of one of the HP founders, is alleging that undue pressure was put on Deutsche Asset Management in order to secure its vote in favour of the merger. He contends that Fiorina threatened Deutsche that its investment banking unit would be deprived of potentially lucrative advisory fees in the event that the asset management arm voted against her plans.

Detailed below is what is claimed to be a transcript of part of the message that Fiorina left Wayman just two days prior to the HP meeting at which shareholders were to vote.

Fiorina: 'the suggestion is that you call the guy at Deutsche Bank again first thing Monday morning. And if you don't get the right answer from him, then you and I need to demand a conference call, an audience, etc, to make sure that we get them in the right place. So, Alan is feeling like you need a definite answer from the vice chairman, and if its the wrong one, we have to swing into action.'

Fiorina has responded by claiming that the voice-mail suggests no wrongdoing and that she has not acted improperly.

The US Attorney General's office have now subpoenaed HP for information related to the Deutsche vote.

A spokeswoman for Deutsche Asset Management has confirmed that the fund manager's decision to vote in favour of the merger was exercised with 'independent judgement solely in the interests of its clients'.