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Thomson, Reuters hope to clear regulatory hurdles in first quarter
By Angela McDaniels
Seattle, Oct. 8 - The Thomson Corp. said the European Commission will proceed to a phase 2 review of the company's proposed acquisition of Reuters Group plc. The review is expected to be completed in the first quarter of 2008.
Both companies will continue to work with the commission to help resolve the issues that require further review, according to a news release.
In the United States, the companies have signed a timing agreement under which the Department of Justice will provide a decision on the acquisition by Jan. 15.
Thomson and Reuters noted that, for technical reasons related to the dual listed company structure proposed for Thomson-Reuters, the combination is not subject to the requirements of the U.S. Hart-Scott-Rodino Antitrust Improvements Act. The Department of Justice has instead been conducting a review similar to a Hart-Scott-Rodino review.
"Today's developments bring clarity and transparency to the regulatory timetables on both sides of the Atlantic. Our discussions with both sets of regulators have been constructive and have developed in line with our expectations," Tom Glocer, current chief executive officer of Reuters and CEO designate of Thomson-Reuters, said in the release.
"Thomson and Reuters remain committed to working with them through to the end of their investigations. We are hopeful that we can work with the regulators to expedite the process and complete the transaction in or around the first quarter of 2008," Glocer said in the release.
Thomson agreed on May 15 to acquire Reuters for about £8.7 billion, or $17.2 billion.
Stamford, Conn.-based Thomson provides information services in five segments: legal, tax and accounting, financial, scientific and health care.
Reuters is based in London and provides content and transaction services for the financial services marketplace.
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