Canada''s Thomson Corp bids to acquire Reuters

04 May 2007

Mumbai: Financial news and information provider Reuters Group Plc has received a preliminary takeover approach from an unidentified suitor.

In its notification to the London Stock Exchange, Reuters said it had received "a preliminary approach from a third party which may or may not lead to an offer being made for Reuters."

Canada''s Globe and Mail newspaper, in a story on its web site, identified the bidder as Thomson Corp., citing people close to both companies. Thomson is a financial data and information provider based in Stamford, Connecticut.

Earlier, traders had reported stock market speculation of a 600-pence-a-share bid from Canada''s Thomson Corp for Reuters, which send its shares up as much as 30 per cent.

In a note to Reuters staff, chief executive Tom Glocer said he could say little about the approach.

"However, I want you to know that in considering this proposal I and my colleagues on the Reuters board will be guided by what is in the best interest of Reuters and its stakeholders, including employees," he said.