DOJ Staff Pans Oracle/PeopleSoft Takeover
February 11, 2004[From internetnews.com]
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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