Media giants Reuters and Thomson today confirmed talks to create a “global leader” in financial news and information.
Canadian company Thomson will control more than three-quarters of the new business, which will be known as Thomson-Reuters and have a dual listing on the London and New York stock exchanges.
Under the deal, which values Reuters at €13bn, the two companies hope to save around $500m (€368m) a year within three years.
The companies said: “Both boards believe there is a powerful and compelling logic for the combination which would create a global leader in the business-to-business information markets.”