The Telegraph
Since 1st March, 1999
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Business Briefs

Oracle to acquire PeopleSoft

Redwood Shores, California, June 6:Oracle Corporation today announced that it will make a cash tender offer to purchase all the outstanding shares of PeopleSoft Inc for $ 16 per share, or approximately $ 5.1 billion. Oracle also announced that it will meet or exceed earnings estimates for the fourth quarter. “The acquisition of PeopleSoft will immediately make Oracle an even more profitable and competitive company,” said Larry Ellison, Oracle’s chairman and chief executive officer.

Textiles sop

New Delhi, June 6:The government today extended the last date for claiming one-time credit of excise duty for textile units to June 15 from the earlier stipulated date of May 26.

Tata Steel arm

Calcutta, June 6:Tata Steel, the country’s largest integrated steel plant in the private sector, will float a fully-owned subsidiary company, Jamshedpur Utility and Services Company Ltd (Jusco), for taking up activities which are not within the core business of the parent firm.

CLB chairman

New Delhi, June 6:S. Balasubramanian today took charge as chairman of the Company Law Board (CLB), a press release said. He was earlier the vice-president of the board.

Bata plan

Calcutta, June 6:Bata India, the Rs 694-crore shoe major, has said it is repositioning its image from a manufacturing company to a marketing company.

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