Thomson in talks to buy Reuters for $17.6 bln

Canada's Thomson Corp is in talks to buy Reuters Group Plc for about 8.8 billion pounds ($17.6 billion) to create the world's biggest news and financial data company, the two firms said on Tuesday.

Reuters CEO Tom Glocer would become chief executive of the combined group under the terms of the proposed deal, they said in a joint statement. Reuters investors would get 352-1/2 pence in cash and 0.16 Thomson stock for each share, equivalent to 697 pence a share at Monday's closing prices.

That would be 42 percent above Reuters closing share price on Thursday, the day before it announced a bid approach. The deal value is based on the number of outstanding Reuters shares.

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- Posted: 2007-05-08 09:48:31

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