-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 I9z0csdwxjaTTb0/080NGcviqYjz/yfCujY7cRvipyKV6TVegutdJYJb1ehhYbX9
 OZvYLlP34ngjNuWPMBiBZg==

<SEC-DOCUMENT>0001181431-04-059090.txt : 20041215
<SEC-HEADER>0001181431-04-059090.hdr.sgml : 20041215
<ACCEPTANCE-DATETIME>20041215203351
ACCESSION NUMBER:		0001181431-04-059090
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041215
FILED AS OF DATE:		20041215
DATE AS OF CHANGE:		20041215

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WOLFE SUSAN J
		CENTRAL INDEX KEY:			0001272921

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24720
		FILM NUMBER:		041206195

	MAIL ADDRESS:	
		STREET 1:		3030 ORCHARD PARK WAY
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BUSINESS OBJECTS S.A.
		CENTRAL INDEX KEY:			0000928753
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		BUSINESS OBJECTS AMERICAS
		STREET 2:		3030 ORCHARD PARKWAY
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134
		BUSINESS PHONE:		4089536000

	MAIL ADDRESS:	
		STREET 1:		BUSINESS OBJECTS AMERICAS
		STREET 2:		3030 ORCHARD PARKWAY
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BUSINESS OBJECTS SA
		DATE OF NAME CHANGE:	19940822
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd61438.xml
<DESCRIPTION>STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-12-15</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000928753</issuerCik>
        <issuerName>BUSINESS OBJECTS S.A.</issuerName>
        <issuerTradingSymbol>BOBJ</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001272921</rptOwnerCik>
            <rptOwnerName>WOLFE SUSAN J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>3030 ORCHARD PARKWAY</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>SAN JOSE</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>95134</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Sr. VP-Gen. Counsel &amp; Corp Sec</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Options (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0</value>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-12-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>80000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-12-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>80000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>80000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The exercise price of the Option is 17.53 Euros.</footnote>
        <footnote id="F2">Option vests according to the following schedule: 25% of the Option vests on December 15, 2005 and 1/48th of the Option shall vest each month thereafter.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Susan J. Wolfe</signatureName>
        <signatureDate>2004-12-15</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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