The European Commission is close to issuing a formal objection to Oracle’s acquisition of Sun Microsystems, the Financial Times reported on Tuesday.

According to the report, Europe has been expressing its concerns for the $7.4 billion deal over the last few months.

Sun Micro’s shares [ JAVA 8.54  -0.07 (-0.81%) ] fell more than 2 percent following the news. Oracle’s shares [ ORCL 22.60  +0.26 (+1.16%) ] were also lower in after-hours trading. Get after-hour quotes for Oracle and Sun Micro here.

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