Thomson completes Reuters acquisition, shares begin tradingApril 17th, 2008 - 4:55 pm ICT by admin
By Dipankar De Sarkar
London, April 17 (IANS) The Thomson Corporation Thursday announced the completion of its acquisition of Reuters Group PLC, forming Thomson Reuters (NYSE: TRI; TSX: TRI; LSE: TRIL: NASDAQ: TRIN), the world’s leading source of intelligent information for businesses and professionals in the financial, legal, tax and accounting, scientific, healthcare, and media markets. Effective Thursday Thomson Reuters shares began trading on exchanges in Toronto, New York and London and are eligible for inclusion in S&P/TSX and FTSE 100 UK indices.
The new company, which has more than 50,000 employees spread over 93 countries and revenues of more than $12 billion, said it might buy back up to $500 million of its shares over the year.
“Our plans to buy back Thomson Reuters shares underscores our financial strength and focus on shareholder value,” said Thomson Reuters CEO Thomas H. Glocer.
“We will manage Thomson Reuters capital structure and set our cash distribution policy so as to maintain a strong yet efficient balance sheet,” Glocer said.
Thomson Reuters Corp common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange under the ticker symbol “TRI”. Thomson Reuters PLC ordinary shares are listed on the London Stock Exchange under the symbol “TRIL” and its ADSs are listed on Nasdaq under the symbol “TRIN”.
Glocer said Thomson Reuters would deliver the “intelligent information” needed to give businesses and professionals the knowledge to act.
“We call our information ‘intelligent’ because it is not only insightful, highly relevant and timely, but it is also made available in formats which applications can consume and to which they can add further value.
“We are witnessing the maturation of the information economy and content from Thomson Reuters will be its currency.”
Thomson Reuters also unveiled a branding and a global advertising campaign Wednesday.
Glocer said: “The dynamic new corporate identity is a marked departure from the historical look and feel of the two companies and represents Thomson Reuters positioning as the world’s leading source of intelligent information to businesses and professionals.”
In March, Thomson entered into a deal with its broker to allow for the repurchase of Thomson Reuters PLC shares through May 1, allowing Thomson Reuters to be active in the market from soon after closing of the acquisition and during what otherwise would be an internal closed period for trading.
First quarter results as well as a financial outlook for the remainder of 2008 will be announced May 1, the company said.