Oct 26, 2004 (07:10 AM EDT)
EU Gives Oracle Green Light To Buy PeopleSoft
Read the Original Article at InformationWeek
The European Union has approved Oracle's takeover of PeopleSoft, bringing the deal closer to completion. Approval had been expected since a San Francisco federal judge ruled in favor of Oracle's hostile takeover bid.
The EU had based much of its examination on the U.S. Department Of Justice's failed attempt in court to prevent the takeover.
Oracle must now deal with a number of executive golden parachutes and product rebates before the merger can be consummated.
Earlier this month, another major hurdle to the merger was cleared when Peoplesoft's CEO Craig Conway was removed from his position. Conway is a former Oracle executive and his presence at PeopleSoft and his personality conflict with Oracle founder and chief executive Larry Ellison was viewed as a roadblock to the merger.