Autonomy and HP
Mergers are notorious for producing bad returns for investors. Another example of this has emerged today with Hewlett-Packard writing off $5bn in its latest accounts from its 2011 merger with Autonomy, a British technology and software company. HP are claiming accounting irregularities (fraud), which meant that it overvalued the company. Autonomy's founder, however, is claiming that HP simply destroyed value after the merger! You can read BBC and Guardian coverage here and here.