SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

WOLFE SUSAN J

(Last)

(First)

(Middle)

3030 ORCHARD PARKWAY

(Street)

SAN JOSE

95134

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BUSINESS OBJECTS S.A. [ BOBJ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Sr. VP-Gen. Counsel & Corp Sec

3. Date of Earliest Transaction (Month/Day/Year)
05/21/2007

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Shares	05/21/2007		M		4,062	A	⁽¹⁾	4,062	D
Shares	05/21/2007		S		4,062	D	$39.9062	0	D
Shares	05/21/2007		M		6,666	A	⁽²⁾	6,666	D
Shares	05/21/2007		S		6,666	D	$39.9062	0	D
Shares	05/21/2007		M		785	A	$29.4	785	D
Shares	05/21/2007		S		785	D	$39.9062	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Employee Stock Options (Right to Buy)	⁽¹⁾	05/21/2007		M			4,062	⁽³⁾	02/23/2014	American Depositary Shares	4,062	$0	9,480	D
Employee Stock Options (Right to Buy)	⁽²⁾	05/21/2007		M			6,666	⁽⁴⁾	12/15/2014	Amercan Depositary Shares	6,666	$0	31,668	D
Employee Stock Options (Right to Buy)	$29.4	05/21/2007		M			785	⁽⁵⁾	10/01/2013	American Depositary Shares	785	⁽⁶⁾	1,571	D

Explanation of Responses:

1. The exercise price of the option is 25.89 Euros

2. The exercise price of the option is 17.53 Euros

3. Options vest according to the following schedule: 25% of the Option vests on Dec. 11, 2004 and 1/48th of the shares will vest each month thereafter.

4. Options vest according to the following schedule: 25% of the Option vests on Dec. 15, 2005 and 1/48th of the shares will vest each month thereafter.

5. Options vest according to the following schedule: 25% of the option vests on October 22, 2004 and 1/48th of the shares will vest each month thereafter.

6. Received in the acquisition of Crystal Decisions, Inc. by Business Objects S.A. (the "Merger") in exchange for two employee stock options to acquire 31,250 shares of Crystal Decisions, Inc. common stock for $11.82 per share.

	/s/ Wendy Boufford, attorney in fact for Susan J Wolfe	05/22/2007
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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