UPDATE 1-SAP, Sybase deal gains EU regulatory approval

* EU clearance is unconditional

* SAP extends offer period for Sybase shares (Adds details)

BRUSSELS, July 20 (Reuters) - German software maker SAP AG SAPG.DE won unconditional European Union regulatory approval on Tuesday for its $5.8 billion takeover of Sybase SY.N to help it better compete with U.S. rival Oracle ORCL.O.

SAP, the world’s biggest maker of business software, unveiled the deal to buy Sybase, the world’s fourth-biggest provider of database software, in May. This is SAP’s second-largest acquisition after its purchase of Business Objects in 2008.

“The (European) Commission’s investigation confirmed that horizontal anti-competitive effects are unlikely to occur in any of the relevant markets, notably in the absence of significant overlaps,” the EU competition enforcer said in a statement.

A person close to the deal had told Reuters earlier on Tuesday that the Commission would nod the deal through without demanding concessions from SAP. [ID:nLDE66J0N5]

SAP extended on Monday its offer period by 10 days for outstanding shares in Sybase because several conditions had not yet been met. [ID:nLDE66I18Q] (Reporting by Foo Yun Chee; Editing by Greg Mahlich)