Oracle Expects EU to Extend Review of Bid

Thursday Nov 13th 2003 by Staff

Oracle Signals It Expects EU Regulators to Extend Review of Hostile Takeover Bid for PeopleSoft

[From ABC News]

BRUSSELS, Belgium Nov. 13 - Oracle Corp. signaled Thursday that it expects European Union regulators to extend their review of its hostile takeover bid for PeopleSoft Inc., allowing Washington to make its decision first.

Oracle submitted its $7.3 billion bid for PeopleSoft, another California-based business software company, in October. The European Commission has until next Monday to clear the deal or open an in-depth, four-month probe known as "phase two."

Oracle executives met with Commission officials last week to discuss the deal, which is already facing an extended review by the U.S. Department of Justice. EU regulators would likely prefer to wait for that.

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