After regulators approved Oracle's proposed acquisition of Sun Microsystems this morning, the company is planning to unveil its long-term strategy at an event next week.

CEO Larry Ellison will host the event at Oracle's headquarters in Redwood Shores, California, where executives will outline Oracle's strategy for absorbing Sun, including details about product road maps, Oracle said today.

The announcement comes on the wake of approval from the European Commission after regulators were assuaged over the fate of an open-source database.

Oracle had come under fire as regulators believed its acquisition would  thwart development of the MySQL database, regarded as the direct competitor to its own database products.

The world's largest business software maker promised in December to keep the market open for others to make enhancements and software for MySQL and said it would be more open than MySQL's previous owners.

It also pledged to invest more in MySQL research and development over the next three years and set up a separate customer advisory board of MySQL users.

I am now satisfied that competition and innovation will be preserved on all the markets concerned, said Neelie Kroes, the European antitrust commissioner.

Oracle's acquisition of Sun has the potential to revitalize important assets and create new and innovative products.

The world's largest business software maker will divulge details on its plans from 9 a.m. to 2 p.m. Pacific Time, on Jan 27.

The event will be broadcast globally.