SAP, Business Objects merger clears European regulatory hurdle

By Lisa Kerner

Charlotte, N.C., Nov. 28 - The European Commission cleared SAP AG's proposed acquisition of Business Objects SA, it was announced on Wednesday.

The commission concluded that the transaction "would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it," a company news release stated.

As previously reported, SAP and Business Objects reached a tender offer agreement under which SAP will make a cash offer of €42.00 per ordinary share and for the American Depositary Shares of Business Objects. The total offer amount, taking into account the transaction costs, will be slightly above €4.8 billion.

The tender offer includes all convertible bonds and warrants issued by Business Objects, for which the company will offer €50.65 per bond.

The transaction is expected to close in the first quarter of 2008.

Based in Walldorf, Germany, SAP is a provider of business software.

Business Objects is a Paris and San Jose, Calif.-based business intelligence software company.

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