Sun Microsystems takes hit in difficult quarter

Sun has reported a loss of $147m in the most recent quarter

Sun Microsystems has posted a quarterly loss as its formal takeover by Oracle nears completion.

The company lost $147m (£90m) over the past financial quarter, amid falling revenues. The company estimated revenue over the period at $2.6bn (£1.6bn), compared to the previous year's $3.8bn (£2.3bn).

The losses come as Sun enters the final stages of its acquisition by Oracle. The database giant agreed to buy Sun in April for £5.1bn following a heated battle with IBM.

The proposed buyout was approved by Sun shareholders in July, and the deal was given the green light by US anti-trust authorities in August.

Oracle and Sun are still awaiting a final decision on the deal from the European Union before finalising the merger.