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So, how much more vulnerable does this make HP with its upcoming split?

Meh, EMC has been a part of the walking dead for years. There were rumors a few months ago that VMware—a spinoff from EMC—was going to acquire EMC.

Dell doesn't care. They've been private for a couple years. No one's going to pummel their stock tomorrow morning.

Anyway, HP has much more to fear from HP than they do from the synergistic effects (lol) of Dell+EMC. HP is a total disaster, and is far more likely to kill itself off than die from consolidation around it.

Small correction: VMware isn't a spinoff of EMC, it's a subsidiary. VMware was originally founded in 1998 and acquired by EMC in 2004.

My reading (and another comment implied the same thing) was that the rumors were that EMC would simultaneously spin off VMware and then get the rest of itself acquired by the newly-independent VMware. Here's a Re/Code analysis that got picked up by Fortune:

https://recode.net/2015/08/05/emc-considers-a-buyout-by-its-...

Can't spin off a subsidiary that is already a separate, publicly-traded entity. VMWare is only a subsidiary because another corporation, and not a real person, owns a majority of the stock.

Ah interesting, I stand corrected

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