LONDON (AFP) - The Reuters business information group announced Tuesday that it has accepted an 8.7-billion-pound offer from Canadian conglomerate Thomson Corp. to create the world's largest firm in the sector.
The new company will be called Thomson-Reuters and will be listed on the London and Toronto stock exchanges, with Reuters chief executive Tom Glocer at the head of the newly-created firm.
The merger must still be approved competition regulators.
Thomson president and CEO, Richard J. Harrington, said in a statement: "This combination marks a strategic milestone for both companies.
"For Thomson, it is a defining moment in our journey to become the information provider of choice for the world's business and professional markets.
"Thomson has a long history of creating value for all its stakeholders and this transaction builds on that tradition."
Glocer said he was looking forward to the opportunity of heading the new firm.
"The combination of these two great businesses will create an exceptional global information company guided by the Reuter Trust Principles," he said.
"It will provide a broader offering to our customers, deliver value to our shareholders and create great opportunities for our people."
Thomson-Reuters will have a 34 percent of the financial information and data market compared with Bloomberg's 33 percent at present.
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