Oracle's Buy of Sun Gets EU Approval

Updated from 5:39 a.m. EST

REDWOOD SHORES, Calif. ( TheStreet) -- Oracle's ( ORCL) $7.4 billion acquisition of Sun Microsystems ( JAVA) received unconditional approval Thursday from the European Union.

The deal was cleared by the U.S. Department of Justice in August 2009.

"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 revitalize important assets and create new and innovative products," said Neelie Kroes, the European competition commissioner, in a statement.

Approval of the deal comes after European regulators began an investigation over concerns about Oracle gaining control of MySQL, a database program developed by a Swedish company that Sun purchased in 2008.

Oracle shares rose 0.52% to $25.19 in pre-market trading, up from Wednesday's closing price of $25.06.

-- Reported by Joseph Woelfel in New York.

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