LONDON, May 8 (UPI) -- Reuters Group PLC and Thomson Corp. Tuesday confirmed they were discussing a merger that values Reuters at $17.55 billion.
The combined company would be called Thomson-Reuters and have dual share listings in London and Toronto, the companies said in a joint statement.
Reuters Chief Executive Tom Glocer would head the new company, while Thomson Chief Executive Richard Harrington would retire.
Thomson, based in Stamford, Conn., said it would offer cash and shares for Reuters, of London, valued at $13.89 a share.
Woodbridge, the Thomson family holding company, would own about 53 percent of Thomson-Reuters. Other Thomson shareholders would hold 23 percent and Reuters shareholders about 24 percent, the statement said.
The group would leapfrog Bloomberg LP and have nearly a third of the global financial-data market, with a market capitalization of around $45 billion, The Wall Street Journal reported.
"Both boards believe there is a powerful and compelling logic for the combination which would create a global leader in the business-to-business markets," the statement said. It added negotiations were not complete and a deal was not certain.
The statement also said the new company would protect Reuters's journalistic independence.
