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News >> Technology >>
Oracle gets government nod to take over i-flex
By agencies
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Thursday, 06 October 2005, 19:30 IST
NEW DELHI: The government has approved OracleÂ’s take over of banking software company i-flex, a newspaper reported.
A report in business daily the Economic Times said that government gave Oracle, the worldÂ’s second largest software products company, a go-ahead to acquire i-flex from its parent Citigroup.
It also said the government has permitted Oracle to come out with an offer to acquire a further 20 percent equity from the domestic shareholders of i-flex.
It may be recalled that in August this year, Oracle entered into an agreement with Citigroup to acquire their 42.98 percent stake in i-flex.
i-flexÂ’s acquisition news has sent the share prices of the company soaring. Oracle has also made its intention of keeping i-flex a publicly traded company under the present management.