Thomson and Reuters confirm merger talks


Thomson and Reuters confirm merger talks
Two of the world's largest information companies, Thomson and Reuters, have confirmed that they are in discussions to combine the two businesses.

A statement of intent resulted from "market activity and attendant speculation" generated by rumours of the talks between the two.

The proposed deal is said to be a "large and complex transaction" but both parties have confirmed that there cannot be any assurance that an agreement will be reached between the media giants.

"Both boards believe there is a powerful and compelling logic for the combination which would create a global leader in the business-to-business information markets," the joint statement read.

"This transaction would also create enhanced value for shareholders through the delivery of in excess of $500 million (£250 million) of annual synergies expected to be achieved within three years."

The combined group would be named Thomson-Reuters and Thomson president and chief executive Richard J Harrington, 60, would retire at the successful completion of the transaction.

Reuters chief executive Tom Glocer, 47, would become head of the combined company.

Reuters and Thomson added that a further announcement regarding the talks will be made in due course.

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