Thomson buys Reuters

Toronto-based business publisher Thomson Corp has bought UK-based news and financial data service Reuters for US$17.2 billion.

The merged companies will become the world’s largest provider of financial information – a position currently held by Bloomberg.

According to a report at reuters.com:

Reuters Founders Share Company, which has the power to block a change of ownership at the 156-year-old company, backed the deal but it still needs regulatory clearance and shareholder approval, Thomson and Reuters said in a statement on Tuesday.

Thomson said it would do what was required to win antitrust clearance. Reuters Chief Executive Tom Glocer, who will head the combined Thomson-Reuters group, declined to predict how long the process would take but said major disposals may not be needed.