Larry Ellison, CEO of Oracle is happy to hear the approval by the European Union (EU) of the Oracle-Sun planned merger.

It can be noted that on April 20, 2009, Sun and Oracle announced a definitive agreement under which Oracle will acquire Sun for $7.4 Billion. The proposed transaction is subject to Sun stockholder approval, certain regulatory approvals like the European Union and customary closing conditions.

Neelie Kroes, EU competition commissioner handling the Oracle-Sun merger said: “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.”

The Oracle-Sun merger still needs approval from regulators in Russia and China, but Oracle said it expects “unconditional approval” from those countries and that it “intends to close the transaction shortly.”

Oracle executives have said the acquisition of Sun would allow their company to offer a complete portfolio of products and services and help spare customers the frustration of having to build business IT systems from piece parts.

Due to this news on approval by the European Union on the Oracle-Sun merger, Oracle shares were up .56%, to $25.20, in premarket trading Thursday.