Filed by Hewlett-Packard Company Pursuant to Rule 425
                                                Under the Securities Act of 1933
                                         And Deemed Filed Pursuant to Rule 14a-6
                                       Under the Securities Exchange Act of 1934
                                   Subject Company:  Compaq Computer Corporation
                                                  Commission File No.: 333-73454

This filing relates to a planned merger (the "Merger") between Hewlett-Packard
Company ("HP") and Compaq Computer Corporation ("Compaq") pursuant to the terms
of an Agreement and Plan of Reorganization, dated as of September 4, 2001 (the
"Merger Agreement"), by and among HP, Heloise Merger Corporation and Compaq. The
Merger Agreement is on file with the Securities and Exchange Commission as an
exhibit to the Current Report on Form 8-K, as amended, filed by Hewlett-Packard
Company on September 4, 2001, and is incorporated by reference into this filing.

On March 14, 2002, HP issued the following press release.


                     [LETTERHEAD OF HEWLETT-PACKARD COMPANY]

                                                                [HP INVENT LOGO]

Editorial Contacts:

Judy Radlinsky, HP
+1 650 857 5034
judy_radlinsky@hp.com

Rebeca Robboy, HP
+1 650 857 2064
rebeca_robboy@hp.com


               INDUSTRY LEADERS VOICE SUPPORT FOR HP-COMPAQ MERGER

PALO ALTO, Calif., March 14, 2002 -- Industry leaders and Hewlett-Packard
Company (NYSE:HWP) and Compaq customers and partners have announced their
support for the HP-Compaq merger. In addition to the comments below, more
commentary can be found by visiting the www.VotetheHPway.com Website and
selecting "Industry leaders and observers comment on merger" and "The Case for
Change: HP + Compaq."

"'It's important not to go where the puck is, but go where the puck's going.'
And I think that's what this merger is all about ... trying to position the
company to be an important part of the future, not simply an important part of
the past." -- Steve Case, chairman of the board, AOL Time Warner

"I think from DreamWorks' standpoint the opportunities for us, by merging these
enterprises together, would be quite valuable. Compaq has been a very important
supplier in our IT infrastructure and HP has been a partner for our high-end
technology needs in the animation field. ... The combination of HP and Compaq,
uniquely, will be able to better service our needs." -- Jeffrey Katzenberg,
partner, DreamWorks SKG

"Compaq and HP are both valued enterprise technology partners of Siebel Systems,
and I believe this merger will create an even more powerful ally in the future.
The combination of Compaq and HP provides greater opportunity to support Siebel
Systems' absolute commitment to 100 percent satisfaction at our





joint customers." -- Thomas M. Siebel, chairman and chief executive officer,
Siebel Systems, Inc.

"As an existing business partner to both merger companies, the fusion will
create a more competitive and complete supplier of IT products and services to
our company. ... We warmly support the proposition." -- Gerard Kleisterlee,
president and chief executive officer, Royal Philips Electronics

"The question that seems to have gotten lost in this controversy is whether the
merger is good for customers and good for the industry. And clearly the answer
to both of those questions is `yes.'" -- Craig Conway, president and chief
executive officer, PeopleSoft

ABOUT HP

Hewlett-Packard Company -- a leading global provider of computing and imaging
solutions and services -- is focused on making technology and its benefits
accessible to all. HP had total revenue of $45.2 billion in its 2001 fiscal
year. Information about HP and its products can be found on the World Wide Web
at http://www.hp.com.

                                      # # #

This document contains forward-looking statements that involve risks,
uncertainties and assumptions. If any of these risks or uncertainties
materializes or any of these assumptions proves incorrect, the results of HP and
its consolidated subsidiaries could differ materially from those expressed or
implied by such forward-looking statements.

All statements other than statements of historical fact are statements that
could be deemed forward-looking statements, including any projections of
earnings, revenues, synergies, accretion or other financial items; any
statements of the plans, strategies, and objectives of management for future
operations, including the execution of integration and restructuring plans and
the anticipated timing of filings, approvals and closings relating to the Merger
or other planned acquisitions; any statements concerning proposed new products,
services, developments or industry rankings; any statements regarding future
economic conditions or performance; any statements of belief and any statements
of assumptions underlying any of the foregoing.

The risks, uncertainties and assumptions referred to above include the ability
of HP to retain and motivate key employees; the timely development, production
and acceptance of products and services and their feature sets; the challenge of
managing asset levels, including inventory; the flow of products into
third-party distribution channels; the difficulty of keeping expense growth at
modest levels while increasing revenues; the challenges of integration and
restructuring associated with the Merger or other planned acquisitions and the
challenges of achieving anticipated synergies; the possibility that the Merger
or other planned acquisitions may not close or that HP, Compaq or other parties
to planned acquisitions may be required to




modify some aspects of the acquisition transactions in order to obtain
regulatory approvals; the assumption of maintaining revenues on a combined
company basis following the close of the Merger or other planned acquisitions;
and other risks that are described from time to time in HP's Securities and
Exchange Commission reports, including but not limited to HP's annual report on
Form 10-K, as amended on January 30, 2002, for the fiscal year ended October 31,
2001 and HP's registration statement on Form S-4 filed on February 5, 2002.

HP assumes no obligation and does not intend to update these forward-looking
statements.

ADDITIONAL INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT

On February 5, 2002, HP filed a registration statement with the SEC containing a
definitive joint proxy statement/prospectus regarding the Merger. Investors and
security holders of HP and Compaq are urged to read the definitive joint proxy
statement/prospectus filed with the SEC on February 5, 2002 and any other
relevant materials filed by HP or Compaq with the SEC because they contain, or
will contain, important information about HP, Compaq and the Merger. The
definitive joint proxy statement/prospectus and other relevant materials (when
they become available), and any other documents filed by HP or Compaq with the
SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. In
addition, investors and security holders may obtain free copies of the documents
filed with the SEC by HP by contacting HP Investor Relations, 3000 Hanover
Street, Palo Alto, California 94304, 650-857-1501. Investors and security
holders may obtain free copies of the documents filed with the SEC by Compaq by
contacting Compaq Investor Relations, P.O. Box 692000, Houston, Texas
77269-2000, 800-433-2391. Investors and security holders are urged to read the
definitive joint proxy statement/prospectus and the other relevant materials
(when they become available) before making any voting or investment decision
with respect to the Merger.