EU clears Oracle's takeover of Sun

New York: The European Union's (EU) antitrust watchdog has approved the Sun-Oracle transaction last week saying the deal would not restrict competition in the database's market. In April last year, Oracle has agreed to buy Sun Microsystems for $7.4 billion or $9.50 a share in cash, reports PTI.

The approval from the EU came after months of investigation. Software major Oracle Corp has completed the takeover of hardware company Sun Microsystems for $7.4 billion. The deal, which was announced nine months ago, would transform the IT industry, Oracle said in a statement yesterday. The two companies, which have a significant presence in India, together employs more than 26,000 people in the country. Oracle has more than 25,000 employees in India, while Sun Microsystems has 1,200 people.

The Sun Solaris operating system is the leading platform for the Oracle database, Oracle's largest business. With the acquisition of Sun, Oracle can optimise Oracle database for some of the unique, high-end features of Solaris.

"With the addition of servers, storage, SPARC processors, the Solaris operating system, Java, and the MySQL database to Oracle's portfolio of database, middleware, and business applications, we plan to engineer and deliver open and integrated systems - from applications to disk - where all the pieces fit and work together out of the box," Oracle said.

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ORACLE CEO's Salary $1

Bangalore: Software giant Oracle has informed in a regulatory filing, to cut the salary of its Chief Executive Larry Ellison to $1 in fiscal 2010 as compared to $1 million in the previous year. But according to Forbes, he will still remain as the fourth richest person in the world.

"The compensation committee recognizes that Ellison has a significant equity interest in Oracle, but believes he should still receive annual compensation because he plays an active and vital role in our operations, strategy and growth. Nevertheless, during fiscal 2010, Ellison agreed to decrease his annual salary to $1," said the company in a filing.

The compensation packages of the CEO include a base salary, an annual cash bonus and stock options.

In fiscal year 2009, the bonus and stock options comprised 97 percent of Ellison's overall compensation. According to the company, only 1.2 percent was his base salary and 1.8 percent was other benefits,.

His new $1 base salary puts him with the likes of Apple CEO Steve Jobs and Google co-founders Sergey Brin and Larry Page, who also take home the same package.

Larry Ellison, 64, had founded Oracle in 1977, and according to the SEC filing, he owns 1.18 billion shares of Oracle, which is 23.4 percent of the company's total stock.