EC Approves Oracle's Acquisition Of Siebel
The European Commission has given Oracle’s acquisition of Siebel a green signal under the EU merger regulation.
Earlier in September this year, Oracle announced to buy Siebel for $ 10.66 per share. Value of the offer was approximately $ 5.85 billion.
The Commission confirmed that the degree of horizontal overlap, as regards CRM software, between the activities of Oracle and Siebel would give rise to no competition concerns since the combined entity would continue to face several strong competitors in a fragmented market.
The merged entity cannot impose restrictions on Siebel’s CRM customers to use Oracle databases. The Commission made it clear that the proposed transaction would not materially affect customers ability to choose between competing software vendors in their purchase of CRM solutions and, therefore, that the proposed acquisition would not give rise to competition concerns.
Oracle spokesperson Bob Wynne commented about the acquisition, “We are very pleased with the Commission’s decision and believe we are on track to complete this merger and begin serving our combined customer base in the first quarter of ‘06, as scheduled.”
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