The European Commission � the economic arm of the EU � has approved Oracle�s hostile takeover bid of rival company PeopleSoft. The takeover is worth US$7.7 billion. EU approval was the last hurdle in Oracle�s efforts.
PeopleSoft have said that they will review the decision made by the commission but repeated that they had rejected all offers made by Oracle as they continued to undervalue the company. The current offer stands at US$21 per share.
Oracle first made a bid on PeopleSoft in June last year and made no comment on the European Commission�s decision.
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