Well, that's a possibility, according to Hexus: Rather than developing a new distribution in-house, if the company decides to ship a distro it may follow the acquisition of an existing creator. According to Reuters Ellison said the company had considered acquiring Novell Inc. A move such as this would put Oracle's OS in competition with both Microsoft Windows and other Linux distros, including Red Hat Enterprise Edition. Interesting.
It would make more sense buiding their own Linux distribution in-house. Oracle would get a decent Linux distribution if they bought Novell, but they'd end up with a load of baggage too. Namely, Novell Netware.....
Contrary to popular belief, inter-distro Linux competition is good for everybody but Microsoft. The code is all released under the GPL, so code / usability improvements in one distro find their way into many in very short time. Remember, Suse Linux wasn't written from scratch either.