Thomson Reuters Update

Tuesday, May 8, 2007

Original article here.  Updates –

Thomson of Canada is in talks to buy Reuters Group for about $17.6 billion to create the world’s biggest news and financial data company, the two firms said on Tuesday…..Under the plans Tom Glocer, Reuters’ chief executive, would become chief executive of the combined company, which would be called Thomson-Reuters.  Richard Harrington, Thomson president and chief executive, would retire.  The two groups have spent the last three days in detailed negotiations after revealing last Friday that they were in talks.  There are still a number of hurdles to be surmounted before a deal could be completed, and the two said “much has still to be resolved and there can be no assurance that agreement will be reached.”  However, they said there was “a powerful and compelling logic” for a merger to “create a global leader in the business-to-business information markets”.  The two companies said they expected annual savings from the merger of $500m within three years.  The Thomson Financial unit would be combined with Reuters financial and media businesses and would be called Reuters.  The two are proposing a dual-listed company structure with each retaining a primary listing and having identical boards of 15 directors.

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