ECs Decision on Oracles PeopleSoft Bid Expected May 11
Following on the heels of the Justice Department's moves last week to bring to a head its antitrust investigation into Oracle's proposed $9.4 billion takeover, the European Commission said yesterday it will reach a decision by May 11.Following on the heels of the U.S. Department of Justices moves last week to bring to a head its antitrust investigation into Oracle Corp.s proposed $9.4 billion takeover of PeopleSoft Inc., the European Commission said yesterday it will reach a decision by May 11. PeopleSoft has been fending off an acquisition attempt from Oracle since last June. In addition to being hotly contested by PeopleSoft, the deal is under antitrust investigations by the Justice Department, the EC and over half the U.S. state attorneys general. The EC began an investigation into Oracles hostile takeover bid last November. An initial month-long investigation suggested that a combined company would reduce the number of key players from three to two in the software applications market, where SAP AG, Oracle and PeopleSoft are seen as key competitors. The EC is also looking at the implications of the deal on the database market.
The Justice Departments decision on the matter is expected a month earlier, on or before March 2, according to PeopleSoft, of Pleasanton, Calif.