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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt">As filed with the Securities and Exchange Commission on June&nbsp;25, 2004



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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<HR noshade size="1" width="20%" align="center">

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933<BR>
<HR size="1" noshade width="20%" align="center"></B>
</DIV>

<P align="center" style="font-size: 24pt"><B>BUSINESS OBJECTS S.A.</B>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center"></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
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<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Republic of France</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0355777</B></TD>
</TR>

<TR style="font-size: 1px">
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>157-159 Anatole France<BR>
92300 Levallois-Perret<BR>
France</B><BR>
(Address, including zip code, of Registrant&#146;s principal executive offices)<BR>
<HR size="1" noshade width="20%" align="center">



<DIV align="center" style="font-size: 10pt"><B>FRENCH EMPLOYEE SAVINGS PLAN, as amended<BR>
1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended<BR>
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN</B><BR>
(Full titles of the Plans)</DIV>
<HR size="1" noshade width="20%" align="center">



<P align="center" style="font-size: 10pt"><B>James R. Tolonen<BR>
Chief Financial Officer<BR>
Business Objects S.A.<BR>
c/o Business Objects Americas<BR>
3030 Orchard Parkway<BR>
San Jose, California 95134<BR>
(408)&nbsp;953-6000</B><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)<BR>
<HR size="1" noshade width="20%" align="center">


<DIV align="center" style="font-size: 10pt">Copies to:</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Susan J. Wolfe, Esq.<BR>
General Counsel<BR>
Business Objects S.A.<BR>
c/o Business Objects Americas<BR>
3030 Orchard Parkway<BR>
San Jose, California 95134<BR>
(408)&nbsp;953-6000</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>John T. Sheridan, Esq.<BR>
Wilson Sonsini Goodrich &#038; Rosati<BR>
Professional Corporation<BR>
650 Page Mill Road<BR>
Palo Alto, CA 94304-1050<BR>
(650)&nbsp;493-9300</B></TD>
</TR>

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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="20%" align="center"></DIV>



<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>to be Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered (2)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per Share</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ordinary Shares, nominal value
&#128;0.10 per share (1):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">French Employee Savings Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">1,698,000</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">215.14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">1995 International Employee Stock
Purchase Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">325,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">5,518,500</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">699.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">2004 International Employee Stock
Purchase Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">8,065,500</TD>
    <TD nowrap>(3)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,021.90</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>American Depositary Shares evidenced by American Depositary Receipts that are issuable upon
deposit of the Ordinary Shares with The Bank of New York as Depositary registered hereby have
been registered pursuant to a separate Registration Statement on Form F-6 (File No.&nbsp;333-109712).</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
this Registration Statement shall also cover any additional Ordinary Shares which become issuable
under the French Employee Savings Plan, the 1995 International Employee Stock Purchase Plan or
the 2004 International Employee Stock Purchase Plan by reason of any stock dividend, stock split,
capitalization of reserves and premiums or other similar transaction effected without the receipt
of consideration which results in an increase in the number of the outstanding Ordinary Shares of
Business Objects S.A. Pursuant to Rule&nbsp;429 under the Securities Act, the prospectuses relating
to this Registration Statement also relate to the registration statements on Form S-8 with the
following file numbers: 333-42063, 333-65571, 333-84341, 333-42670, 333-69376, 333-101105,
333-109275 and 333-111089.</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(h) solely for the purpose of calculating the
registration fee, on the basis of $16.98 per share (85% of $19.98, which was the average of the
high and low prices of the Registrant&#146;s American Depositary Shares as reported on the Nasdaq
National Market on June&nbsp;18, 2004).</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000"> PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002"> Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003"> Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004"> Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005"> Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006"> Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008"> SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009"> POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010"> Index to Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="f99924exv4w2.txt">EXHIBIT 4.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="f99924exv4w3.txt">EXHIBIT 4.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="f99924exv4w4.txt">EXHIBIT 4.4</A></TD></TR>
<TR><TD colspan="9"><A HREF="f99924exv5w1.txt">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="f99924exv23w1.txt">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>







<P align="center" style="font-size: 10pt"><B>BUSINESS OBJECTS S.A.<BR>
REGISTRATION STATEMENT ON FORM S-8</B>


<!-- link1 " PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents and information filed with the Securities and
Exchange Commission (the &#147;Commission&#148;) by the Registrant are incorporated
herein by reference:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K
for the fiscal year ended December&nbsp;31, 2003, filed with
the Commission on March&nbsp;12, 2004 (as amended on Form
10-K/A, filed with the Commission on April&nbsp;29, 2004).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Quarterly Report on Form
10-Q for the quarter ended March&nbsp;31, 2004, filed with the
commission on May&nbsp;4, 2004.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K
filed on May&nbsp;18, 2004, April&nbsp;29, 2004, February&nbsp;6, 2004,
February&nbsp;5, 2004 and December&nbsp;23, 2003 (as amended on
Form 8-K/A filed on February&nbsp;24, 2004); provided,
however, that the Registrant does not incorporate by
reference any information contained in, or exhibits
submitted with the Forms 8-K that was expressly furnished
and not filed.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of Registrant&#146;s Ordinary
Shares, nominal value <FONT face="times new roman,times">&#128;</FONT>0.10 per share, contained in
the Registrant&#146;s Registration Statement on Form 8-A (File
No.&nbsp;0-24720).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;), and prior to the filing of a post-effective amendment
which indicates that all securities offered under this registration statement
have been sold or which deregisters all securities then remaining unsold, are
incorporated by reference in this registration statement from the date of
filing of such documents.

<!-- link2 " Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 " Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.

<!-- link2 " Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;French law generally limits the possibility of a French company to
indemnify its (i)&nbsp;directors, as well as (ii)&nbsp;its chief executive officer
(&#147;<I>Directeur G&#233;n&#233;ral</I>&#148;) and (iii)&nbsp;its deputy chief executive officers
(&#147;<I>Directeurs G&#233;n&#233;raux D&#233;l&#233;gu&#233;s</I>&#148;), hereafter (ii)&nbsp;and (iii)&nbsp;collectively or
individually named the &#147;Officer(s)&#148;, against their liabilities. However, if a
director or an Officer is sued by a third party and ultimately prevails in the
litigation on all counts, but is nevertheless required to bear attorneys&#146; fees
and costs, the company can in


<P align="center" style="font-size: 10pt">1
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">specified circumstances reimburse those fees and costs, to the extent
permitted by the law and regulations in effect, under an indemnification
arrangement with the director or the Officer. Any indemnification arrangement
between the Registrant and any of its directors or Officers must be approved by
the Registrant&#146;s shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The French Commercial Code does not prohibit a company from purchasing
directors and officers insurance for all or part of the members of its
management. Under French law, a company is responsible to third parties for
the consequences of the decisions of its directors or Officers, such as
violations of the laws and regulations applicable to French commercial
companies, breaches of a company&#146;s articles of association or mismanagement.
If those decisions qualify as mismanagement for instance, the relevant member
of the board of directors may have to fully or partly indemnify the company.
In addition, under French law, the directors and Officers are liable
individually or jointly, as the case may be, to the company or to third parties
to the same extent. The Registrant has purchased insurance for all of its
directors and Officers.

<!-- link2 " Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 " Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="3" nowrap align="center"><B>Exhibit</B></TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD colspan="3" nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD valign="top" align="center">&nbsp;</TD>

    <TD nowrap align="center"><B>Description of Document</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD align="left" valign="top">&nbsp;(1)</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement, as amended and restated on October&nbsp;15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit&nbsp;A to Deposit Agreement).</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">French Employee Savings Plan, as amended.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">1995 International Employee Stock Purchase Plan, as amended.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">2004 International Employee Stock Purchase Plan.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP as to the validity of the Ordinary Shares.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">Consent of Shearman &#038; Sterling LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center">&nbsp;</TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Incorporated by Reference to Exhibit&nbsp;1 to The Bank of New
York&#146;s registration statement on Form F-6 filed with the Commission
on October&nbsp;15, 2003 (File No.&nbsp;333-109712).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement to include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions described in Item&nbsp;6 of
Part&nbsp;II of this Form S-8 registration statement, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 " SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of San Jose, California, on June&nbsp;25, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">BUSINESS OBJECTS S.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Bernard Liautaud
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Bernard Liautaud,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Chairman and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<!-- link1 " POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>KNOW ALL PERSONS BY THESE PRESENTS</I>, that each person whose signature
appears below constitutes and appoints Bernard Liautaud and James R. Tolonen
and each of them, acting individually, as his attorney-in-fact, with full power
of substitution, for him and in any and all capacities, to sign any and all
amendments to this Registration Statement on this Form S-8 and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, hereby ratifying and confirming
all that each of said attorneys-in-fact, or his substitute or substitutes, may
do or cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement on Form S-8 has been signed on June&nbsp;25, 2004, by the
following persons in the capacities indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bernard Liautaud
<HR size="1" noshade>
<B>Bernard Liautaud</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, Chief Executive Officer
and Director (Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ James R. Tolonen
<HR size="1" noshade>
<B>James R. Tolonen</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer and Senior Group Vice
President (Principal Financial and Accounting
Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ John Olsen
<HR size="1" noshade>
<B>John Olsen</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, President and Chief Operating Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bernard Charl&#232;s
<HR size="1" noshade>
<B>Bernard Charl&#232;s</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Arnold N. Silverman
<HR size="1" noshade>
<B>Arnold N. Silverman</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Albert Eisenstat
<HR size="1" noshade>
<B>Albert Eisenstat</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gerald Held
<HR size="1" noshade>
<B>Gerald Held</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jean-Fran&#231;ois Heitz
<HR size="1" noshade>
<B>Jean-Fran&#231;ois Heitz</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ David Peterschmidt<HR size="1" noshade>
<B>David Peterschmidt</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ David J. Roux
<HR size="1" noshade>
<B>David J. Roux</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kurt Lauk
<HR size="1" noshade>
<B>Kurt Lauk</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;25, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 " Index to Exhibits" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Index to Exhibits</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD colspan="3" nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD colspan="3" nowrap align="center"><B>Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description of Document</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD valign="top">&nbsp;(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement, as amended and restated on October&nbsp;15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit&nbsp;A to Deposit Agreement).</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">French Employee Savings Plan, as amended.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1995 International Employee Stock Purchase Plan, as amended.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2004 International Employee Stock Purchase Plan.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Shearman &#038; Sterling LLP as to the validity of the Ordinary Shares.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Shearman &#038; Sterling LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right"></TD>
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page).</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Incorporated by Reference to Exhibit&nbsp;1 to The Bank of New
York&#146;s registration statement on Form F-6 filed with the Commission
on October&nbsp;15, 2003 (File No.&nbsp;333-109712).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on June 25, 2004
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
BUSINESS OBJECTS S.A.
(Exact name of Registrant as specified in its charter)
Republic of France
98-0355777
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
157-159 Anatole France
92300 Levallois-Perret
France
(Address, including zip code, of Registrant's principal executive offices)
FRENCH EMPLOYEE SAVINGS PLAN, as amended
1995 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN, as amended
2004 INTERNATIONAL EMPLOYEE STOCK PURCHASE PLAN
(Full titles of the Plans)
James R. Tolonen
Chief Financial Officer
Business Objects S.A.
c/o Business Objects Americas
3030 Orchard Parkway
San Jose, California 95134
(408) 953-6000
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Susan J. Wolfe, Esq.
General Counsel
Business Objects S.A.
c/o Business Objects Americas
3030 Orchard Parkway
San Jose, California 95134
(408) 953-6000
John T. Sheridan, Esq.
Wilson Sonsini Goodrich & Rosati
Professional Corporation
650 Page Mill Road
Palo Alto, CA 94304-1050
(650) 493-9300
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Amount of
Title of Securities
Amount to be
Offering Price
Aggregate
Registration
to be Registered
Registered (2)
Per Share
Offering Price
Fee
Ordinary Shares, nominal value
€0.10 per share (1):
French Employee Savings Plan
100,000
$
16.98
$
1,698,000
(3)
$
215.14
1995 International Employee Stock
Purchase Plan
325,000
$
16.98
$
5,518,500
(3)
$
699.20
2004 International Employee Stock
Purchase Plan
475,000
$
16.98
$
8,065,500
(3)
$
1,021.90
(1)
American Depositary Shares evidenced by American Depositary Receipts that are issuable upon
deposit of the Ordinary Shares with The Bank of New York as Depositary registered hereby have
been registered pursuant to a separate Registration Statement on Form F-6 (File No. 333-109712).
(2)
Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"),
this Registration Statement shall also cover any additional Ordinary Shares which become issuable
under the French Employee Savings Plan, the 1995 International Employee Stock Purchase Plan or
the 2004 International Employee Stock Purchase Plan by reason of any stock dividend, stock split,
capitalization of reserves and premiums or other similar transaction effected without the receipt
of consideration which results in an increase in the number of the outstanding Ordinary Shares of
Business Objects S.A. Pursuant to Rule 429 under the Securities Act, the prospectuses relating
to this Registration Statement also relate to the registration statements on Form S-8 with the
following file numbers: 333-42063, 333-65571, 333-84341, 333-42670, 333-69376, 333-101105,
333-109275 and 333-111089.
(3)
Estimated in accordance with Rule 457(h) solely for the purpose of calculating the
registration fee, on the basis of $16.98 per share (85% of $19.98, which was the average of the
high and low prices of the Registrant's American Depositary Shares as reported on the Nasdaq
National Market on June 18, 2004).
TABLE OF CONTENTS
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
POWER OF ATTORNEY
Index to Exhibits
EXHIBIT 4.2
EXHIBIT 4.3
EXHIBIT 4.4
EXHIBIT 5.1
EXHIBIT 23.1
Table of Contents
BUSINESS OBJECTS S.A.
REGISTRATION STATEMENT ON FORM S-8
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents and information filed with the Securities and
Exchange Commission (the "Commission") by the Registrant are incorporated
herein by reference:
1.
The Registrant's Annual Report on Form 10-K
for the fiscal year ended December 31, 2003, filed with
the Commission on March 12, 2004 (as amended on Form
10-K/A, filed with the Commission on April 29, 2004).
2.
The Registrant's Quarterly Report on Form
10-Q for the quarter ended March 31, 2004, filed with the
commission on May 4, 2004.
3.
The Registrant's Current Reports on Form 8-K
filed on May 18, 2004, April 29, 2004, February 6, 2004,
February 5, 2004 and December 23, 2003 (as amended on
Form 8-K/A filed on February 24, 2004); provided,
however, that the Registrant does not incorporate by
reference any information contained in, or exhibits
submitted with the Forms 8-K that was expressly furnished
and not filed.
4.
The description of Registrant's Ordinary
Shares, nominal value
€
0.10 per share, contained in
the Registrant's Registration Statement on Form 8-A (File
No. 0-24720).
All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and prior to the filing of a post-effective amendment
which indicates that all securities offered under this registration statement
have been sold or which deregisters all securities then remaining unsold, are
incorporated by reference in this registration statement from the date of
filing of such documents.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
None.
Item 6. Indemnification of Directors and Officers.
French law generally limits the possibility of a French company to
indemnify its (i) directors, as well as (ii) its chief executive officer
("
Directeur Général
") and (iii) its deputy chief executive officers
("
Directeurs Généraux Délégués
"), hereafter (ii) and (iii) collectively or
individually named the "Officer(s)", against their liabilities. However, if a
director or an Officer is sued by a third party and ultimately prevails in the
litigation on all counts, but is nevertheless required to bear attorneys' fees
and costs, the company can in
1
Table of Contents
specified circumstances reimburse those fees and costs, to the extent
permitted by the law and regulations in effect, under an indemnification
arrangement with the director or the Officer. Any indemnification arrangement
between the Registrant and any of its directors or Officers must be approved by
the Registrant's shareholders.
The French Commercial Code does not prohibit a company from purchasing
directors and officers insurance for all or part of the members of its
management. Under French law, a company is responsible to third parties for
the consequences of the decisions of its directors or Officers, such as
violations of the laws and regulations applicable to French commercial
companies, breaches of a company's articles of association or mismanagement.
If those decisions qualify as mismanagement for instance, the relevant member
of the board of directors may have to fully or partly indemnify the company.
In addition, under French law, the directors and Officers are liable
individually or jointly, as the case may be, to the company or to third parties
to the same extent. The Registrant has purchased insurance for all of its
directors and Officers.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit
Number
Description of Document
4.1
(1)
Form of Deposit Agreement, as amended and restated on October 15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit A to Deposit Agreement).
4.2
French Employee Savings Plan, as amended.
4.3
1995 International Employee Stock Purchase Plan, as amended.
4.4
2004 International Employee Stock Purchase Plan.
5.1
Opinion of Shearman & Sterling LLP as to the validity of the Ordinary Shares.
23.1
Consent of Independent Registered Public Accounting Firm.
23.2
Consent of Shearman & Sterling LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included on signature page).
(1)
Incorporated by Reference to Exhibit 1 to The Bank of New
York's registration statement on Form F-6 filed with the Commission
on October 15, 2003 (File No. 333-109712).
2
Table of Contents
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement to include any material
information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the
registration statement.
(2) That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions described in Item 6 of
Part II of this Form S-8 registration statement, or otherwise, the Registrant
has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
3
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement on Form S-8 to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of San Jose, California, on June 25, 2004.
BUSINESS OBJECTS S.A.
By:
/s/ Bernard Liautaud
Bernard Liautaud,
Chairman and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS
, that each person whose signature
appears below constitutes and appoints Bernard Liautaud and James R. Tolonen
and each of them, acting individually, as his attorney-in-fact, with full power
of substitution, for him and in any and all capacities, to sign any and all
amendments to this Registration Statement on this Form S-8 and to file the
same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, hereby ratifying and confirming
all that each of said attorneys-in-fact, or his substitute or substitutes, may
do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement on Form S-8 has been signed on June 25, 2004, by the
following persons in the capacities indicated.
Signature
Title
Date
/s/ Bernard Liautaud
Bernard Liautaud
Chairman of the Board, Chief Executive Officer
and Director (Principal Executive Officer)
June 25, 2004
/s/ James R. Tolonen
James R. Tolonen
Chief Financial Officer and Senior Group Vice
President (Principal Financial and Accounting
Officer)
June 25, 2004
/s/ John Olsen
John Olsen
Director, President and Chief Operating Officer
June 25, 2004
/s/ Bernard Charlès
Bernard Charlès
Director
June 25, 2004
/s/ Arnold N. Silverman
Arnold N. Silverman
Director
June 25, 2004
/s/ Albert Eisenstat
Albert Eisenstat
Director
June 25, 2004
/s/ Gerald Held
Gerald Held
Director
June 25, 2004
4
Table of Contents
Signature
Title
Date
/s/ Jean-François Heitz
Jean-François Heitz
Director
June 25, 2004
/s/ David Peterschmidt
David Peterschmidt
Director
June 25, 2004
/s/ David J. Roux
David J. Roux
Director
June 25, 2004
/s/ Kurt Lauk
Kurt Lauk
Director
June 25, 2004
5
Table of Contents
Index to Exhibits
Exhibit
Number
Description of Document
4.1
(1)
Form of Deposit Agreement, as amended and restated on October 15, 2003,
among Business Objects S.A. and the Bank of New York, as Depositary, and
holder from time to time of American Depositary Shares issued thereunder
(including Exhibit A to Deposit Agreement).
4.2
French Employee Savings Plan, as amended.
4.3
1995 International Employee Stock Purchase Plan, as amended.
4.4
2004 International Employee Stock Purchase Plan.
5.1
Opinion of Shearman & Sterling LLP as to the validity of the Ordinary Shares.
23.1
Consent of Independent Registered Public Accounting Firm.
23.2
Consent of Shearman & Sterling LLP (included in Exhibit 5.1).
24.1
Powers of Attorney (included on signature page).
(1)
Incorporated by Reference to Exhibit 1 to The Bank of New
York's registration statement on Form F-6 filed with the Commission
on October 15, 2003 (File No. 333-109712).