Vote on Siebel’s acquisition
On January 31, 2006, shareholders of Siebel Systems Inc. will vote for approving the company’s acquisition by Oracle Corp. In September 2005, Oracle and Siebel agreed to the transfer for a sum of $ 5.85 billion. The deal, which is expected to be completed by the first quarter of 2006, has been approved by the U.S Department of Justice and the European Commission. Oracle has set a target of a 20% increase in profitability; this could result in layoffs for the 5000-strong employee force of Siebel Systems.
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