On schedule, the European Commission has approved the merger of Thomson (NYSE: TOC) and Reuters (NSDQ: RTRSY) (technically the former is buying the latter), provided the companies meet certain competition conditions, which they have already agreed to…

In particular, the EC was concerned about the distribution of earnings estimates and other analyst research, and the possibility that a merged entity would be the sole provider of this information. Under a proposal put forth by the two companies, there will be a divestiture of certain assets in this area, which the commission believes will preserve competition. The announcement states that the companies have reached the same agreement with the US DOJ, which had pushed back its decision to get itself on the same schedule as the EU.

- Statement: “The Commission’s in-depth investigation ... indicated that the concentration, as originally notified, could have led to a substantial impediment of effective competition in several markets of the financial information sector. The parties submitted commitments which have removed the commission’s competition concerns and are suitable to restore effective competition in the single market.”

Update: As noted in the EC’s announcement, the DOJ has officially given its approval as well, again provided the company take certain actions. The official statement clarifies what, exactly, the companies are expected to do: “Under the terms of the proposed settlement, Thomson and Reuters must sell copies of the data contained in the following products: Thomson’s WorldScope, a global fundamentals product; Reuters Estimates, an earnings estimates product; and Reuters Aftermarket (Embargoed) Research Database, an analyst research distribution product. The proposed settlement further requires the licensing of related intellectual property, access to personnel, and transitional support to ensure that the buyer of each set of data can continue to update its database so as to continue to offer users a viable and competitive product. With these assets, the acquirer of each set of data will be able to offer institutional financial data users products comparable to those offered by Thomson or Reuters prior to the merger. Under the proposed settlement, the Department’s Antitrust Division must approve the buyer of each of set of assets.”

-- Following the green light from both sides, the companies say they will now seek shareholder approval, with an eye towards an official close the week of April 13. Release.

• Earnings: Thomson Expects Reuters Verdicts ‘In Next Few Weeks’