I may not have kept up on the news very well, but I do remember very well a news article after the acquisition was approved stating that the primary asset at Sun they wanted was Sparc so they could compete more effectively against IBM's full stack of software and hardware. Oracle's missing piece in enterprise sales was the ability to offer an integrated software and hardware stack. With Sun they not only gain Sparc and a Linux supported architecture, but they also gain Solaris which is competitive with AIX as a proprietary OS. It was stated in the article that they pursued the acquisition because IBM was able to steal some high profile enterprise clients from them using the fully integrated software and hardware offerings.
Could you point me to this statement that they went for Sun because of Java? As I stated I was always under the impression that Java and Mysql were just small bits compared to the hardware assets in the desire for the acquisition.