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Oracle buys PeopleSoft for 10.3 billion dollars
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    • WASHINGTON (AFP) Dec 13, 2004
     Software giant Oracle has sealed a deal to buy rival PeopleSoft for 10.3 billion dollars, Oracle said early Monday after a bitter 18-month battle.

    "Oracle Corporation today announced that it has signed a definitive merger agreement to acquire PeopleSoft, Inc., for 26.50 per share (approximately 10.3 billion)," Oracle said in a statement.

    "The transaction has been approved by the boards of directors of both companies and should close by early January," it said.

    Combined, Oracle and PeopleSoft will be the world's second-largest producer of business software, a sector still firmly dominated by Germany's SAP.

    PeopleSoft's board rejected Oracle initial purchase offer in June 2003 as insufficient.

    But on November 20, Oracle announced it had obtained control of more than 60 percent of PeopleSoft's shares.

    Again, PeopleSoft's board said the offer, then at 24 dollars a share, was not enough.

    The offer of 26.50 dollars is the best ever made by Larry Ellison's group.




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