Reuters trust said to back sale
The trust that acts as guardian to the editorial independence of Reuters Group is reportedly set to back a proposed takeover of the media group by Canada’s Thomson Corp.
The Independent newspaper, quoting an unidentified banker close to Reuters Founders Share Co., reported Sunday that the trust was ready to proceed with a deal.
The newspaper added that a formal announcement by Thomson and Reuters could be made as early as this week.
A spokeswoman for Pehr Gyllenhammar, chairman of Reuters Founders, was not immediately available. Reuters and Thomson declined to comment.
Reuters Founders has a “golden share” that it can use to block a takeover of the company.
A takeover of Reuters by Thomson would create the world’s biggest financial news and data company, with a market share of 34%, according to Inside Market Data.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
