Computer giant HP allocates $1.5bn to spend on acquisitions — CEO

HP CEO Meg Whitman

US technology company Hewlett-Packard Co (NYSE:HPQ), or HP, is returning to the acquisition trail, planning smaller transactions of between USD100m (EUR75m) and USD300m, but could also spend up to USD1.5bn on a deal, CEO Meg Whitman said in an interview with CNBC TV.

Whitman noted that her company no longer planned mega purchases of USD5bn or USD6bn, which had turned out to be inconsistent in the past. She added that HP was looking at several areas, without specifying them.

Through acquisitions, HP will seek to implement its strategic plans, as well as to fill in product holes, Whitman explained.

The statement was made after HP posted weak quarterly results, especially in its enterprise division, which cut its outlook for next year.

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