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| Reuters agrees to Thomson buyout | Reuters agrees to Thomson buyout |
| (10 minutes later) | |
| News and information group Reuters has agreed to be bought out by Canadian financial data provider Thomson in a deal worth about £8.7bn ($17bn). | |
| The tie-up will create the world's biggest financial news and data firm, allowing the new company to leapfrog its main rival, US-based Bloomberg. | The tie-up will create the world's biggest financial news and data firm, allowing the new company to leapfrog its main rival, US-based Bloomberg. |
| Other news firms are also eyeing deals as they seek to cut costs, squeeze rivals and increase their client base. | |
| Reuters and Thomson reckon their deal will save them $500m (£250m) a year. | Reuters and Thomson reckon their deal will save them $500m (£250m) a year. |
| Thomson has been expanding its non-data business, and Reuters will complement its news operations in the US and AFX in Europe, analysts said. | Thomson has been expanding its non-data business, and Reuters will complement its news operations in the US and AFX in Europe, analysts said. |
| They added a merged Thomson and Reuters would be in a stronger position to compete with Bloomberg. | |
| The three companies are rivals in the "terminal" market, providing news and financial data on stocks, currencies and bonds to banks, traders and brokerages. | The three companies are rivals in the "terminal" market, providing news and financial data on stocks, currencies and bonds to banks, traders and brokerages. |
| Industry figures released in April, estimated that Bloomberg had a 33% share of the terminal market, with Reuters controlling 23% and Thomson 11%. | Industry figures released in April, estimated that Bloomberg had a 33% share of the terminal market, with Reuters controlling 23% and Thomson 11%. |
| Following the merger, the new company will be called Thomson-Reuters and will be listed on stock exchanges in London and Toronto. | Following the merger, the new company will be called Thomson-Reuters and will be listed on stock exchanges in London and Toronto. |
| Reuters boss Tom Glocer will head the newly enlarged firm. | Reuters boss Tom Glocer will head the newly enlarged firm. |