Oracle's bid for Sun Microsystems stalled by European Commission

By Lisa Kerner

Charlotte, N.C., Nov. 9 - The European Commission issued a statement of objections to Oracle Corp.'s proposed acquisition of Sun Microsystems, Inc., according to a form 8-K filed with the Securities and Exchange Commission.

The filing said the statement of objections is "limited to the combination of Sun's open source MySQL database product with Oracle's enterprise database products and its potential negative effects on competition in the market for database products."

The companies can present arguments in response to the commission's preliminary assessment before it issues a final decision.

As previously reported, the European Commission opened an in-depth investigation into the merger in September.

Oracle agreed in April 2009 to acquire Sun Microsystems for $9.50 cash per share in a deal valued at approximately $7.4 billion including debt.

The U.S. Department of Justice approved the proposed transaction on Aug. 20. Sun stockholders approved the deal in July.

Oracle is a Redwood City, Calif.-based enterprise software company.

Sun is a Santa Clara, Calif., networking computing technologies company.

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