Oracle is to meet European Union regulators early next month in a bid to persuade them to speed up the approval procedure for the pending acquisition of Sun Microsystems, according to Reuters.
The website is quoting two sources close to the matter saying that the EU regulators have set the 10th of December as the hearing date for Oracle to present its case for its proposed $7 billion acquisition of Sun Microsystems.
The European Commission has objected to the acquisition over the suspicion that the ongoing merger of the Sun Microsystems’ MySQL Database and other similar products from Oracle could dampen competition in the database domain.
The EU competition regulator earlier extended the deadline for evaluating Oracle's acquisition plans to January 27 from January 19 after the software maker had asked for some more time to deal with the anti-competition concerns surrounding the acquisition.
"Oracle has asked for a hearing which has been fixed for Dec. 10", Reuters quoted one of the two close sources as saying.
Incidentally, the proposed merger has already received a nod from the US Senate back in August. But it has been put on hold since the EU regulators raised serious concerns over the deal in September.
The hold has been afflicting significant monetary damages to Sun, which has reportedly been losing its value and reeling under new layoffs and perturbed financial picture.
Since buying Sun Microsystems for $7.4 billion in April 2009, Oracle's fortunes have been significantly improved. So much so that the price of its stock currently stands at their pre-recession levels although overall, the Nasdaq continue to outperform it.
(All Things Digital)