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Deal costs HP €6.9bn

TECHNOLOGY giant Hewlett-Packard has written off close to €6.9bn related to a software company, founded by Irishman Mike Lynch, which it acquired a year ago.

The computer maker asked authorities to investigate alleged misrepresentations of Autonomy's finances before HP took over the UK software group last year. HP said that Autonomy appeared to have "inflated" the value of the company prior to the takeover as part of a "wilful effort to mislead".