Oracle closes Retek purchase

Oracle said late Monday that it has closed its deal to acquire Minneapolis-based retail software maker Retek. The move comes after the company acquired 94 percent of Retek shares. Oracle said that Retek will operate as a separate retail business unit within the company.

In order to acquire Retek, Oracle had to win a bidding war with Germany's SAP, which had first announced plans to buy Retek at the end of February. In March, Oracle submitted a higher bid; SAP raised its bid once, but then said it would drop out of the running.