European Commission Opposes Oracles PeopleSoft Bid
European antitrust regulators have joined their U.S. counterparts in objecting to Oracle's $9.4 billion hostile bid for rival PeopleSoft, contending that the proposed merger would hurt the business applications software market.The European Commission is joining its U.S. counterpart in fighting Oracle Corp.s hostile takeover bid of PeopleSoft Inc. Oracle said on Friday it received a Statement of Objections from the Commission regarding the proposed mergeralmost a full month earlier than the Commissions self-imposed May 11 deadline. The European watchdog launched an antitrust investigation shortly after the U.S. Department of Justice began a deeper investigation into the deal last June, less than a month after Oracle announced its intent to acquire PeopleSoft.
On Feb. 26 the Justice Department filed suit against Oracle in a San Francisco federal court to try to block the $9.4 billion deal. While the EC hasnt disclosed the details of its complaint, its expected to follow the Justices lead into court, on similar grounds.