DOJ Staff Pans Oracle/PeopleSoft Takeover

Wednesday Feb 11th 2004 by Staff

UPDATE: The DOJ issues a preliminary decision against Oracle's $9.4 billion takeover for the rival software company; analysts question whether Oracle can stem the tide.


Antitrust lawyers of the U.S. Department of Justice (DOJ) recommended against Oracle's (Quote, Chart) $9.4 billion takeover attempt of rival PeopleSoft, (Quote, Chart) in what could be a major setback for the enterprise software company.

In a statement, PeopleSoft said the DOJ had issued a preliminary finding and that the DOJ expects to come to a conclusion about the acquisition by March 2.

The staff at the DOJ submitted their recommendation to block the deal to assistant attorney general Hewitt Pate for final approval. Pate is empowered to make the DOJ's final decision regarding PeopleSoft's fate and those in his position have a history of taking the recommendations of the DOJ staff.

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