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Reuters sale to Thomson cleared Reuters sale to Thomson cleared
(about 2 hours later)
The £8.7bn ($17bn) purchase of news and information group Reuters by Canada's Thomson has won conditional approval from EU and US competition bodies.The £8.7bn ($17bn) purchase of news and information group Reuters by Canada's Thomson has won conditional approval from EU and US competition bodies.
The combination of the two firms will create the world's biggest provider of financial news and data.The combination of the two firms will create the world's biggest provider of financial news and data.
However, to eliminate concerns of reduced competition, the companies must sell off a number of parts of their financial data operations. However, to eliminate concerns of reduced competition, the companies must sell parts of their financial data operations to rivals.
There were worries customer choice would fall and prices rise.There were worries customer choice would fall and prices rise.
In October last year, the European Commission said the merger "could have led to a substantial impediment of effective competition".In October last year, the European Commission said the merger "could have led to a substantial impediment of effective competition".
But the European Commission and the US Department of Justice said they were satisfied that the sale of parts of Reuters and Thomson meant consumers would not be harmed by the deal. But the European Commission and the US Department of Justice said they were satisfied that the suggested remedies meant customers would not be harmed by the deal.
The US Department of Justice said Thomson must, in the next 60 days, sell three financial databases, associated staff and assets to competing firms. Thomson and Reuters will have to sell a number of databases to a competing firm or firms who will, "establish themselves as a credible competitive force in the marketplace," the Commission said.
This information is used by investment managers, traders and corporate managers to make investment decisions and provide advice to their and clients. The new combined entity would be able to retain the database for its own use, but would no longer be able to sell that information, a commission spokesperson told the BBC.
Reuters shares rose on the news the merger had been cleared. At 1545 GMT they were up 6 pence at 612.5p. However, in a joint statement Thomson and Reuters insisted that they would "retain full ownership of the relevant databases" and that these undertakings would "not affect Thomson's and Reuters' ongoing business or capabilities in these areas".
The information in these databases is used by investment managers, traders and corporate managers to make investment decisions and provide advice to their clients.
Reuters shares rose on the news the merger had been cleared. But ended the day down 0.5p at 606p.