Oracle’s Deal for Siebel Wins Approval of EU
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Oracle Corp., the world’s third-largest maker of software, cleared the last hurdle in its $5.85-billion takeover of Siebel Systems Inc. by winning approval from European Union regulators.
The U.S. Justice Department approved the deal last month.
Chief Executive Larry Ellison is counting on Siebel, the world’s No. 2 maker of customer service software, to help expand Oracle’s applications sales. Ellison has spent more than $18 billion to buy 11 companies this year, including Siebel. Oracle, based in Redwood City, Calif., expects to complete its deal with Siebel in the first quarter as planned.
San Mateo, Calif.-based Siebel, founded in 1993 by former Oracle executive and Ellison protege Tom Siebel, has been cutting costs and paring jobs after sales fell in the last year.
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