JURIST - Paper Chase: Corporations & securities brief ~ Oracle likely to win PeopleSoft takeover bid

[JURIST] In Friday's corporations and securities law news, Oracle will win its hostile takeover fight for PeopleSoft because it has support from a majority of PeopleSoft shareholders, according to sources close to the situation. The battle is nonetheless likely to stretch into the spring, when PeopleSoft will hold its next annual meeting. Oracle has more information on its hostile bid here. Oracle also has a press release outlining the timetable for the announcement of the results here. The Financial Times has more.

In other news, Russia has pressed ahead on its assault on troubled oil giant Yukos - Russian authorities palan to auction the company's main Siberian unit on December 19 at a starting price of $8.65 billion. Gazprom is seen as the front-runner to win the auction although foreign firms can also bid. If the auction fails to attract high enough bids for the unit, the government may nationalize the property. Yukos has a press release condemning the proposed sale of its unit here. The Financial Times has more. Former Yukos chief Mikhail Khodorkovsky called the auctioning of the unit as the "worst solution" to the problems facing Yukos. He additionally criticized the arrest of other Yukos officials. Paper Chase has continuing coverage of the Yukos scandal. BBC News has more.... Riggs National Corp. announced its acquisition of PNC Financial may close later than expected because of the increased scrutiny and potential of a financial fallout from a federal money-laundering probe. Reuters has more.... A Canadian judge has ordered the removal of three directors, including Conrad Black's wife, from the board of Hollinger Inc.. BBC News has more.... Nike founder Phil Knight has resigned from his post of president and CEO at the largest athletic shoe and clothing company in the world. Knight will remain as chairman. Read the Nike press release announcing the move here. AP has more.

click for previous corporations and securities law news