Canadian business software maker Cognos Inc. (COGN, CSN.TO) said Wednesday that the Ontario Superior Court of Justice has approved the US$4.9 billion acquisition of the company by International Business Machines Corp. (IBM).Cognos has already received shareholder approval for the deal. The Commissioner of Competition in Canada issued an advance ruling certificate in December with regard to the proposed acquisition. The deal has also received U.S. antitrust clearance. If all other conditions to closing are satisfied or waived, the deal is expected to close during the first calendar quarter of 2008.In November, IBM agreed to buy Cognos for US$58.00 cash. IBM said at that time that the acquisition fits squarely within both its acquisition strategy and capital allocation model. The company said the deal is also expected to contribute to the achievement of its objective for earnings-per-share growth through 2010. Cognos shares are currently trading on the Nasdaq at $57.59, up 2 cents. On the TSX, the company's shares are trading at C$59.05, up C$0.64 or 1.10%. IBM shares are currently trading at $102.01, up 18 cents.
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December 19, 2025 15:10 ET U.S. inflation data and interest rate decisions by major central banks were the highlights of this busy week for economics news flow. Employment data and survey results on the housing markets also gained attention in the U.S. In Europe, the European Central Bank and Bank of England announced their policy decisions and macroeconomic projections.