updated 10/7/2004 8:24:18 AM ET 2004-10-07T12:24:18

The European Union on Thursday set a new deadline of Nov. 9 to conclude its antitrust review of Oracle Corp.'s $7.7 billion takeover bid for PeopleSoft Inc.

The European Commission originally opposed the deal but now is expected to clear the tie-up after gathering additional information during the summer from Oracle about the software market.

The U.S. Department of Justice last week dropped its antitrust challenge to the combination of the two software makers, after losing a court bid to stop it. A U.S. district judge ruled Washington was wrong to argue that Oracle's hostile takeover would damage competition in a software market for "large complex enterprises."

EU regulators had identified an identical slice of the software market.

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