Thomson, Reuters Shareholders Approve Merger
By David Kaplan - Wed 26 Mar 2008 07:42 AM PST
Shareholders have given Thomson’s (NYSE: TOC) acquisition of Reuters (NSDQ: RTRSY) the nod, Reuters reported. The Canadian financial media company says that nearly 99 percent of the shareholders in Toronto cast their votes in favor of bringing Reuters into the fold. The vote was nothing more than a formality, given that Woodbridge Co. Ltd, the Thomson family’s investment vehicle and the owner of 70 percent of Thomson’s shares, had already said it wanted the merger to go through. The deal is expected to close by April 17.
-- Update: In a separate meeting, Reuters shareholders followed suit and gave their ascent to the $15.8 billion buyout as well, the AP reported. While the merger has passed the regulatory muster by the U.S. Department of Justice, authorities in Europe and Canada have okayed Thomson’s purchase of the London-based Reuters with the stipulation that it sell copies of four databases that provide earnings estimates, economic information and other data to investors. Afternoon trading saw Thomson shares fall 49 cents to $35.07, while American Depositary shares of Reuters Group PLC slid 46 cents to $71.95.
