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Aussie watchdog eyes Oracle's PeopleSoft bid

Australia's competition watchdog said it is "concerned" Oracle's hostile bid for PeopleSoft would lead to a "substantial lessening" of competition.

Australia's competition watchdog said Thursday it was "concerned" Oracle's proposed hostile acquisition of PeopleSoft would lead to a "substantial lessening" of competition in the Australian market, in breach of the Trade Practices Act. The Australian Competition and Consumer Commission's airing of its concerns in a statement on its Web site follow the recent decision of the U.S. Department of Justice to oppose Oracle's bid. Oracle has indicated that it intends to appeal the Department's ruling.

ACCC chairman, Graeme Samuel, said if the acquisition was to go through, it would have "wide ranging international consequences".

For the full story, visit ZDNet Australia. Abby Dinham reported from Sydney.