Oracle Squashes Co-President's $70 Billion Acquisition Comments

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According to a Fortune.com report, Oracle co-president Charles Phillips said during an onstage discussion at the Fortune Brainstorm Tech conference in Aspen, Colorado that his company is poised to spend some $70 billion gobbling up businesses within the next five years, a comment which quickly appears to have taken Oracle by surprise.

"While it is highly unlikely that we will spend anything approaching $70 billion in five years, we will be opportunistic and, if market conditions warrant, we will buy additional companies that further our strategic goals and address our customers' needs," spokesman Karen Tillman clarified in a statement .

Phillips may have been a little overambitious with his figures, but it's clear Oracle is looking to scoop up companies. Earlier this month, Oracle issued a $3.25 billion debt offering, part of which it earmarked for "future acquisitions."

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