EU approves Oracle's bid for Sun Microsystems
The EU's competition watchdog on Thursday approved US business software giant Oracle's bid for hardware and software vendor Sun Microsystems, saying the deal would not skew the market in Europe.
BRUSSELS, January 21, 2010 (AFP) - The 5.17-billion-euro (7.57-billion-dollar) deal for Sun, a one-time Silicon Valley star and developer of the popular Java programming language, was approved by Sun shareholders in July and the US Department of Justice in August.
The EU Commission previously had misgivings about the deal but last month welcomed concessions by Oracle including the company's extension for up to five years of the terms and conditions of existing commercial licenses.
"I am now satisfied that competition and innovation will be preserved on all the markets concerned. Oracle's acquisition of Sun has the potential to revitalise important assets and create new and innovative products," EU Competition Commissioner Neelie Kroes said in a statement.AFP/Expatica