HP to resume share buyback plan after failed merger talks with EMC


Hewlett-Packard said it would resume its share repurchase program, a day after sources told Reuters that the company had ended merger talks with data storage products maker EMC.

Shares of HP, which also reaffirmed its fiscal 2014 profit forecast, were up 1.8% at $32.81, compared with a near 1% fall in the US market in morning trading. EMC’s shares fell 1.4% to $27.22.

The end of the talks to merge two of the tech industry’s largest enterprise-oriented firms may force EMC to review its stake in VMware — the other option besides a merger that activist investors Elliott Management was pushing for.

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