Oracle Corporation (
) president Charles Phillips stunned quite a few listeners last
week when he said that the software giant planned to spend $70
billion buying other companies over the next five years. Such an
acquisition spree would be astonishing, even for a company that
recently bought Sun Microsystems for $7 billion.
Phillips made his assertion at the Fortune Brainstorm Tech
Conference in Aspen, Colorado, stating that ""If you look forward
for the next five years, we'll probably double what we've spent on
acquisitions in the last five years."
Over the past five years, Oracle has spent around $35 billion on
However, the company issued a statement on Friday contradicting the
president's assertions, saying that such an acquisition budget
would be "highly unlikely" and that Oracle "doesn't even have a one
year acquisition budget."
However, the firm did say that it would consider making
acquisitions "if market conditions warrant."
The confusion didn't appear to faze investors, however, who have
pushed up Oracle's stock price over 4 percent since Thursday.