Deutsche Bank Defends Decision to Back HP-Compaq Merger

The asset management unit of Deutsche Bank AG defended its decision to back Hewlett-Packard Co.'s proposed $20 billion acquisition of Compaq Computer Corp., after allegations of vote buying caught the attention of federal prosecutors. "The decision was made by Deutsche Asset Management's proxy committee, who exercised its independent judgment solely in the interest of its clients," Deutsche Asset Management spokeswoman Missy DeAngelis said the day after HP revealed the U.S. Attorney's office had subpoenaed it for information related to votes by Deutsche Bank and another large shareholder.