EU Extends Oracle/Sun Review Deadline Until Jan. 27
Ft Lauderdale, Florida 11/20/2009 09:25 PM GMT (TransWorldNews)
European Union regulators said Friday that they have extended until Jan. 27 a deadline to wrap up their antitrust review of Oracle Corp.'s planned $7.4 billion takeover of Sun Microsystems Inc. (NASDAQ: JAVA), according to Associated Press.
The European Commission said Oracle (NASDAQ: ORCL) had asked for more time "in order to have the opportunity to further develop its arguments in response to the Commission's concerns."
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The EU executive gave them an extra six working days.
Regulators sent a formal charge sheet to Oracle earlier this month laying out competition problems that they see with the deal, claiming Oracle's purchase of open-source database software MySQL could eliminate a crucial rival and hike prices.
The EU can block the takeover -- which has already been approved by the United States -- or demand changes to eliminate competition concerns. Officials complained that Oracle had not tried to offer any solutions -- possibly selling off MySQL, which Oracle says it doesn't want to do.
Oracle has criticized the EU for not understanding the database market or open-source dynamics well enough.
MySQL is popular among Web-based companies and regulators say it will increasingly pose a threat to Oracle's market-leading database software as it adds features and attracts more customers. Sun paid $1 billion for it last year.
The EU objection ratchets up tension about the fate of the deal, which Sun badly needs to go through. It lost $120 million in the quarter ended Sept. 27 and is rapidly shedding market share to rivals like IBM Corp. (NYSE: IBM) and Hewlett-Packard Co. (NYSE: HPQ).
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