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	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* ROUX DAVID J (Last) (First) (Middle) C/O SILVER LAKE PARTNERS, L.P. 2725 SAND HILL ROAD, SUITE 150 (Street) MENLO PARK CA 94025 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol BUSINESS OBJECTS SA [ BOBJ ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/11/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year) 12/15/2003	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)
			Code	V	Amount	(A) or (D)	Price
Shares	12/11/2003		A		21,637,329	A	$0(1)	21,637,329	I	See Footnotes(2)(3)
Shares	12/11/2003		A		20,194	A	$0(4)	20,194	I	See Footnote(4)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares and $285,675,494 in cash received in exchange for 2,000 ordinary shares of Seagate Software (Cayman) Holdings Corporation in connection with the merger of Seagate Software (Cayman) Holdings Corporation into a subsidiary of the Issuer. On the effective date of the merger, the closing price of the ordinary shares of the Issuer was $33.22 per share.

2. All shares owned by New SAC (either directly or through its wholly-owned subsidiary, CB Cayman). Silver Lake (Offshore) AIV GP Ltd. is the general partner of Silver Lake Technology Associates Cayman, L.P. and Silver Lake Technology Investors Cayman, L.P. Silver Lake Technology Associates Cayman, L.P. is the general partner of Silver Lake Partners Cayman, L.P. and Silver Lake Investors Cayman, L.P. As of December 9, 2003, Silver Lake Technology Investors Cayman, L.P., Silver Lake Partners Cayman, L.P. and Silver Lake Investors Cayman, L.P. (collectively, the "Silver Lake Funds") held approximately 31.8% of the outstanding ordinary shares of New SAC.

3. David J. Roux (the "Reporting Person") is a shareholder and director of Silver Lake (Offshore) AIV GP Ltd. The Reporting Person is also a member of the board of directors of New SAC and CB Cayman. Because of his affiliation with the Silver Lake Funds and as a director of New SAC and CB Cayman, the Reporting Person may be deemed to have shared voting or dispositive power over the Issuer's ordinary shares held by New SAC and CB Cayman. The Reporting Person, however, disclaims beneficial ownership of any of the Issuer's ordinary shares held by New SAC or CB Cayman, except to the extent of any pecuniary interest therein.

4. Shares and $266,630 in cash received in exchange for 70,000 shares of common stock of Crystal Decisions, Inc. in connection with the merger of Crystal Decisions, Inc. into a subsidiary of the Issuer. Under the Reporting Person's arrangements with respect to director compensation, these Issuer shares were issued in the name of Silver Lake Technology Management, L.L.C. Consequently, the Reporting Person may be deemed to indirectly beneficially own such shares. On the effective date of the merger, the closing price of the ordinary shares of the Issuer was $33.22 per share. The Reporting Person disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein.

	/s/ David R. Roux	02/09/2004
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.