Friday, September 24, 2004

EU to clear Oracle bid for PeopleSoft?

Citing unnamed sources, the Financial Times of London is now reporting that the European Commission is set to clear the Oracle's hostile bid for PeopleSoft.
Mario Monti, the European Union competition commissioner, is expected to announce the clearance before he steps down at the end of next month. Though he still has to consult the EU's national antitrust regulators, it is unlikely that he will change his position.

People familiar with the case said the Commission had been leaning towards a clearance of the offer for months, long before a US court approved the bid in early September. They said the Commission was still concerned about the possible impact of the takeover on competition but it had realised its case would not withstand a legal challenge in the European court.
If true, this is one more hurdle cleared by Oracle in its quest for PeopleSoft. Remaining hurdles include PeopleSoft's poison pill, PeopleSoft's civil lawsuit against Oracle, and willingness of PeopleSoft's shareholders to tender shares to Oracle.

The Financial Times article has more.

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