Thomson Confirms Merger Deal

Proposed purchase of Reuters puts Bloomberg on notice
By J. Kelman,  Newser User
Posted May 9, 2007 11:00 AM CDT
This undated handout provided by Reuters Group PLC shows Reuters Chief Executive Officer Tom Glocer. Reuters Group PLC said Friday, May 4, 2007 that it had received a preliminary takeover approach, sending...   (Associated Press)
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(Newser) – Financial data giants Reuters and Thomson have confirmed that a merger is in the works. Should the deal go through, the company will control 34 percent of the financial data market, to current leader Bloomberg's 33 percent. Reuters CEO Tom Glocer would head the new Thomson-Reuters, which would remain under the Thomson family's control.

A merger has long been rumored, but Glocer's initial vision of the deal had Thomson as the takeover target, the Financial Times reports. Though Thomson's recent sale of its textbook division made a Reuters bid more attractive, the company seems to be living up to its detached reputation by handing Glocer, not a Thomson honcho, the top job.