Mergers and Acquistions News
Categories: Software
July 21st 2010, 18:22PM
German software development maker SAP AG has today received unconditional support from the European Union (EU) for an intended takeover.
The European Commission signalled its full approval for the software applications firm's takeover of Sybase, valued at $5.8 billion (£3.7 billion).
SAP intends to enhance its global position and compete with Oracle, its main US competitor.
The German firm first flagged its intention to take over Sybase in May.
Sybase is a California-based computer software firm formed in 1984.
In a statement the EU said it did not feel the intended takeover would not have a negative effect on competition.
"The (European) Commission's investigation confirmed that horizontal anti-competitive effects are unlikely to occur in any of the relevant markets, notably in the absence of significant overlaps," the EU said.
A person close to the deal had told Reuters earlier on Tuesday that the commission "would nod the deal through without demanding concessions from SAP", the news provider said.
Oracle, which SAP will rival after the takeover goes through, acquired Sun Microsystems earlier this year.
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