1. Introductory Text

2. (1) On 14 October 2003 the Commission received a notification, pursuant...

   1. On 14 October 2003 the Commission received a notification, pursuant...

3. (2) On 17 November 2003, the Commission initiated proceedings in accordance...

   1. On 17 November 2003, the Commission initiated proceedings in accordance...

4. (3) On 7 April 2004, following the oral hearing, the Commission...

   1. On 7 April 2004, following the oral hearing, the Commission...

5. (4) The operation was reviewed by the US authorities in parallel...

   1. The operation was reviewed by the US authorities in parallel...

6. I. THE PARTIES

   1. (5) Oracle is a publicly listed company whose common stock is...

      1. Oracle is a publicly listed company whose common stock is...

   2. (6) PeopleSoft is a publicly listed company whose shares are traded...

      1. PeopleSoft is a publicly listed company whose shares are traded...

7. II. THE TRANSACTION

   1. (7) The notified operation consists of a public bid for all...

      1. The notified operation consists of a public bid for all...

8. III. THE RELEVANT MARKETS

   1. High-function HR and FMS solutions or software

      1. (8) Oracle and PeopleSoft are vendors of enterprise application software (EAS)....

         1. Oracle and PeopleSoft are vendors of enterprise application software (EAS)....

      2. (9) The industry generally groups EAS into categories having functionality with...

         1. The industry generally groups EAS into categories having functionality with...

      3. (10) The Commission found that the relevant product markets for the...

         1. The Commission found that the relevant product markets for the...

      4. (11) The market investigation showed that characteristics of high-function HR and...

         1. The market investigation showed that characteristics of high-function HR and...

      5. (12) High-function HR and FMS software has to offer compliance with...

         1. High-function HR and FMS software has to offer compliance with...

      6. (13) A very high level of product maintenance and support drives...

         1. A very high level of product maintenance and support drives...

      7. (14) The underlying architecture of high-function solutions is fundamentally different from...

         1. The underlying architecture of high-function solutions is fundamentally different from...

      8. (15) Mid-market solutions normally have simpler interfaces, or simpler APIs (application...

         1. Mid-market solutions normally have simpler interfaces, or simpler APIs (application...

      9. (16) The Commission’s investigation further showed that ‘best-of-breed’ or point solution...

         1. The Commission’s investigation further showed that ‘best-of-breed’ or point solution...

      10. Large and complex enterprises as customers

          1. (17) High-function HR and FMS solutions are software that is typically...

             1. High-function HR and FMS solutions are software that is typically...

          2. (18) The Commission has therefore come to the conclusion that there...

             1. The Commission has therefore come to the conclusion that there...

      11. Vendors of high-function HR and FMS software

          1. (19) The Commission further established who the vendors of FMS and...

             1. The Commission further established who the vendors of FMS and...

          2. (20) The Commission established the suppliers in the market by looking...

             1. The Commission established the suppliers in the market by looking...

          3. (21) As a first suitable proxy for the ‘complexity’ of the...

             1. As a first suitable proxy for the ‘complexity’ of the...

          4. (22) With the help of these proxies, the Commission analysed the...

             1. With the help of these proxies, the Commission analysed the...

          5. (23) On the basis of this evidence, the Commission concluded that...

             1. On the basis of this evidence, the Commission concluded that...

          6. (24) Using Oracle’s dataset containing bid data, as well as two...

             1. Using Oracle’s dataset containing bid data, as well as two...

          7. (25) The Commission further analysed the capabilities and reach of the...

             1. The Commission further analysed the capabilities and reach of the...

          8. (26) The relevant product markets are therefore, respectively, high-function FMS and...

             1. The relevant product markets are therefore, respectively, high-function FMS and...

   2. Mid-market HR and FMS solutions or software

      1. (27) The Commission found indications that the market for software applications...

         1. The Commission found indications that the market for software applications...

      2. (28) In any case, the exact delineation of the product markets...

         1. In any case, the exact delineation of the product markets...

   3. Geographic Scope of the relevant markets

      1. (29) The market investigation gave clear indications that the geographic scope...

         1. The market investigation gave clear indications that the geographic scope...

      2. (30) As regards the mid-market FMS and HR solutions, the geographic...

         1. As regards the mid-market FMS and HR solutions, the geographic...

9. IV. ASSESSMENT

   1. A. Market Shares

      1. (31) The calculation of market shares has proven to be particularly...

      2. (32) Given their limited meaning for the markets at stake, the...

         1. Given their limited meaning for the markets at stake, the...

   2. B. Creation of a dominant position, as a result of which...

      1. High-function HR and FMS solutions or software

         1. 1. Non-coordinated effects

            1. (33) In the Statement of Objections the Commission had based its...

               1. In the Statement of Objections the Commission had based its...

            2. (34) In light of the conclusions regarding the market definition, it...

               1. In light of the conclusions regarding the market definition, it...

            3. (35) In order to assess whether or not the notified concentration...

               1. In order to assess whether or not the notified concentration...

            4. (36) The Commission generally found that there was a very strong...

               1. The Commission generally found that there was a very strong...

            5. (37) A finding, as in this case, that the number and...

               1. A finding, as in this case, that the number and...

         2. 2. Coordinated effects

            1. (38) In the Statement of Objections the Commission had based its...

               1. In the Statement of Objections the Commission had based its...

            2. (39) In light of the conclusions regarding the market definition, it...

               1. In light of the conclusions regarding the market definition, it...

            3. (40) In a market in which — in addition to Oracle,...

               1. In a market in which — in addition to Oracle,...

            4. (41) Also, the Commission cannot conclude that the merger will lead...

               1. Also, the Commission cannot conclude that the merger will lead...

      2. Mid-market HR and FMS solutions or software

         1. (42) As regards HR and FMS mid-market software markets, significantly more...

            1. As regards HR and FMS mid-market software markets, significantly more...

         2. (43) On a European level, the impact of the transaction may...

            1. On a European level, the impact of the transaction may...

         3. (44) Given the limited strength of a combined Oracle/PeopleSoft in the...

            1. Given the limited strength of a combined Oracle/PeopleSoft in the...

10. V. CONCLUSION

    1. (45) The Commission concludes that the proposed concentration would not create...

       1. The Commission concludes that the proposed concentration would not create...