Oracle Undeterred in PeopleSoft Takeover Bid
Oracle exec Chuck Phillips reiterates at OracleWorld his company's determination to acquire PeopleSoft, despite obstacles thrust in its path.SAN FRANCISCOOn the third day of Oracle Corp.s blockbuster OracleWorld conference and following as many days of deferring all mention of the "P" word, Executive Vice President Chuck Phillips on Wednesday devoted 45 minutes to reiterating the companys determination to swallow PeopleSoft Inc. In a meeting with journalists and analysts here, Phillips scoffed at recent PeopleSoft statements to the effect that the Pleasanton, Calif., companys acquisition of J.D. Edwards & Co. will result in greater cost savings and higher revenues than PeopleSoft executives originally perceived, due in part to layoffs and consolidated office space. PeopleSoft executives at that companys Analyst Day meeting in New York last week said revenues for 2003 would come in between $2.145 billion and $2.175 billiona projection that Phillips said was mere speculation.
"Stock prices can go up if you assume youre going to do something in a year," Phillips said. "If it becomes clear [that something] is not happening, the price will come down. Time will tell."