Oracle seeks EU approval for PeopleSoft buy

Oracle Corp. filed official notification of its US$7.5 billion bid for PeopleSoft Inc. with the European Commission (EC) Tuesday, setting off a one month deadline for European regulators to determine whether the takeover can go through.

EC regulators have a provisional deadline of Nov. 17 to decide whether they approve of the deal or need to launch an in-depth inquiry, an EC spokeswoman said.

The U.S. Department of Justice (DOJ) 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 and claim that it would not stand up to antitrust regulations.

In a statement released Wednesday, Oracle spokesman Jim Finn said, “We look forward to working with the Commission and 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.”