EU backs Oracle&#39;s bid for PeopleSoft
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STRASBOURG/SAN FRANCISCO - The European Commission on Tuesday approved Oracle Corp.&#39;sproposed US$7.7 billion ($11 billion) hostile takeover of rival business software company PeopleSoft Inc.
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A majority of PeopleSoft (PSFT) shareholders are expected to support Oracle&#39;s (ORCL) takeover bid when they tender shares Friday night.
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The European Commission is expected to approve Oracle's $7.7 billion acquisition of PeopleSoft on Tuesday, with no conditions attached, a person close to the case said.
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As expected, the European Commission announced Tuesday it has ruled that Oracle Corp. can proceed with its hostile acquisition attempt of PeopleSoft Inc.
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BRUSSELS The European Commission is expected Tuesday to approve Oracle&#39;s $8 billion acquisition of PeopleSoft without conditions attached, a person briefed on the investigation said Monday.
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Oracle is getting good at jumping legal hurdles. Tuesday the European Commission announced it won&#39;t block Oracle&#39;s proposed hostile takeover of PeopleSoft.
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Oracle Corp. ORCL.O on Thursday  won the backing of a key public pension fund in its  $8.8-billion takeover bid for PeopleSoft Inc. PSFT.O and  analysts said they expected a majority of shares to be tendered  its way ahead of a Friday deadline.
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Business software maker PeopleSoft  Inc. has accepted a sweetened $10.3 billion acquisition offer  from rival Oracle Corp., ending a bitter, 18-month hostile  takeover battle, the companies said on Monday.
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The European Commission is still in talks with Oracle Corp  over its plan to take over rival software firm PeopleSoft Inc. , but aims to take a decision before the end of October, a Commission spokeswoman said on Friday.
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STRASBOURG, France/SAN FRANCISCO  - The European  Commission on Tuesday approved Oracle Corp.'s ORCL.O proposed  $7.7 billion hostile takeover of rival business software  company PeopleSoft Inc. PSFT.O, clearing the last antitrust  hurdle to the deal.
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â¢ 2004-11-22 â¢ Oracle has won a key victory in its battle to acquire PeopleSoft, with PeopleSoft&#39;s investors agreeing to sell Oracle 60 per cent of PeopleSoft&#39;s outstanding shares.
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The European Commission on Tuesday cleared Oracle's hostile &#36;7.7 billion bid for rival business-software maker PeopleSoft, lowering the last antitrust hurdle to the contested deal. "There is an absence of sufficient evidence of competitive harm," regulators said in a statement.
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Oracle has won backing from slightly more than 60% of PeopleSoft Inc. shareholders in its $9.2 billion hostile takeover. Friday evening, the software maker announced that 228.7 million out of the roughly 376
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The EU is expected to approve the merger between rivals Oracle (Nasdaq: ORCL) and PeopleSoft (Nasdaq: PSFT), according to sources close to the proceedings.
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PeopleSoft Inc.&#39;s board of directors unanimously rejected Oracle Corp.&#39;s takeover offer Saturday, Nov. 20, only hours after PeopleSoft stockholders tendered a majority of their shares in favor of the deal.
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PeopleSoft reiterated on Tuesday its opposition to a $7.7 billion takeover offer from Oracle after the European Union approved the bid, removing the last regulatory hurdle to a deal.
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EUROPEAN antitrust regulators have cleared Oracle to pursue its hostile $US7.7 billion bid to buy PeopleSoft, but the legal breakthrough wasn&#39;t expected to end the stalemate between the bitter business software rivals.