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The European Union’s formal objection to Oracle’s proposed acquisition of Sun has evidently transformed the database giant’s intransigence into grudging agreeability. The EU has extended the deadline for approval of the $7.4 billion merger to Jan. 27 from Jan. 19 at Oracle’s request.

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For Oracle, whose acquisition of Peoplesoft and Siebel Systems cleared in Europe without conditions, news that the European Commission issued formal objections to its purchase of Sun was likely particularly galling. According to Oracle CEO Larry Ellison, Sun is already losing $100 million a month as it waits for regulatory approval, and judging from the price of the company’s stock today, it may be losing even more.

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The European Commission today issued a so-called Statement of Objections over Oracle’s proposed acquisition of Sun Microsystems. Disclosed in a regulatory filing by Sun, the document gives formal voice to the EC’s concerns over the fate of Sun’s open-source MySQL database.

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Is there any possibility that Oracle would abandon its bid for Sun? And if Oracle were to walk away, what would happen to Sun? Thomas Weisel Partners analyst Doug Reid weighs both of these questions in a note to investors today, and his answers are worth considering in light of reports that the European Commission may object to the deal.

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“The decrease in _____ revenue was primarily due to _____” and “uncertainty associated with the proposed acquisition by Oracle and increased competition.” That refrain is repeated over and over again in Sun’s latest grim earnings report, which was filed without much in the way of announcement Friday afternoon.

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Oracle CEO Larry Ellison is famous for his admiration of “The Art of War,” Sun Tzu’s sixth-century treatise on battle tactics. And the ancient wisdom has served Ellison well in Oracle’s long-running battle with SAP and its hostile bid for PeopleSoft. But it may get him in trouble when it comes to Oracle’s dealings with the European Commission and its inquiry into the company’s planned acquisition of Sun. The Financial Times reports that Oracle’s refusal to offer any concessions to European antitrust regulators may lead them to issue a formal complaint objecting to the deal.

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What’s the difference between European Commission competition watchdog Neelie Kroes and Oracle CEO Larry Ellison? Kroes isn’t losing $100 million a month on Sun Microsystems. Much as Ellison would like to blame the European Commission for yesterday’s bloodletting at Sun, responsibility lies squarely with Oracle–at least, according to Competition Commissioner Kroes.

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Ugly news. The end of Sun Microsystems as an independent company after 27 years is to be prefaced with a bloodletting. And a big one too. The company is sacking some 3,000 employees as it awaits the closing of Oracle’s planned $7.4 billion takeover.

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Though he resigned earlier this year, former MySQL boss Mårten Mickos still has strong opinions about the open-source database outfit, which was acquired by Sun in 2008. In a letter to the European Commission Thursday, Mickos urged regulators to green-light Oracle’s takeover of Sun, arguing that to delay it will only harm competition.

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Oracle may be mulling acquisitions, but Brocade isn’t one of them. At the company’s annual shareholder meeting today, CEO Larry Ellison dismissed recent speculation that he might attempt to to acquire Brocade.

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Microsoft’s proposed antitrust concessions, particularly its offer to give European computer users a choice of Web browsers, appear to have gone over well with the European Commission. This morning, the EC announced a market test of the browser ballot feature Microsoft plans to include in Windows 7.

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Brocade investors are smiling into their coffee cups this morning after reports that the networking-gear maker has put itself up for sale sent the company’s shares soaring. People familiar with the matter tell The Wall Street Journal and Bloomberg that Brocade is seeking a buyer and that both Hewlett-Packard and Oracle are among its potential suitors.

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