Oracle seeks Europe approval for PeopleSoft bid


Oracle seeks Europe approval for PeopleSoft bid

Oracle has filed official notification of its $7.5bn bid for PeopleSoft with the European Commission, setting a one-month deadline for European regulators to determine whether the takeover can go through.

EC regulators have until 17 November to decide whether they approve of the deal or need to launch an in-depth inquiry.

The US Department of Justice extended its review of the proposed merger in late June, saying that it needed more time to investigate antitrust concerns.

PeopleSoft representatives have been trying to fend off the unsolicited bid, claiming that it would not stand up to antitrust regulations.

Oracle spokesman Jim Finn said, "We are confident that, at the end of the day, the European Commission will see that this transaction does not raise any serious anti-trust issues."

Scarlet Pruitt writes for IDG News Service

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