HP Inc

Ticker HPQ

Today's data summary

Market closed
% change
+0.89%
Price US dollars
20.50
Change
+0.18
As of 09:57 09 Dec 2019
Market cap. US dollars
31,980.00 million
As of 09:57 09 Dec 2019

Latest updates

HP gets bid from Xerox

keyboard
Getty Images

Printer maker Xerox has made a $33bn (£25bn) bid for personal computer maker HP - a company more than three times its size.

HP confirmed after the US stock market closed on Wednesday that it had received the bid, but declined to disclose the offer price.

HP said it would onsider Xerox's latest proposal "with an eye towards what is in the best interest of all our shareholders".

The Wall Street Journal first reported that Xerox was preparing a bid for HP.

HP shares closed 6.4% higher at $19.57 while Xerox shares rose 3.6% to $37.66 - valuing the print maker at $8.3bn.

HP shares jump on reports of bid

keyboard
Getty Images

Reports that Xerox is considering a bid for personal computer maker HP have sparked an 8% jump in the latter's share price in pre-market trade.

Xerox shares were down 3.1%.

It follows a report in the Wall Street Journal that Xerox's board discussed the possibility of a bid for the $27bn computer maker on Tuesday.

HP to cut up to 9,000 jobs

The keyboard of a HP computer
Getty Images

Personal computer maker HP will cut up to 9,000 jobs worldwide as part of a push to slash costs and boost sales.

The company said the job reductions would help the firm save about $1bn (£810m) by the end of fiscal 2022.

HP, which has around 55,000 employees, said the cuts will come from a combination of redundancies and voluntary early retirements.

"We are taking bold and decisive actions as we embark on our next chapter," the firm's incoming chief executive Enrique Lores said in a statement.

Lynch defrauded shareholders, claims US

Autonomy
Alamy

According to a statement from the US Department of Justice, Mr Lynch, 53, engaged in a scheme to defraud buyers and sellers of shares in Autonomy around the time of its $11bn sale to Hewlett-Packard in 2011.

It alleges that he and Stephen Keith Chamberlain, Autonomy’s former vice president for finance, misled others about the "true performance of Autonomy’s business, its financial condition, and its prospects for growth" between 2009 and 2011.

Mr Lynch's lawyers says that he will "vigorously defend the charges against him".

Read the charges against Mike Lynch here.