Shareholders have approved Thomson Corp.'s US$17-billion takeover of U.K.-based media giant Reuters Group Plc.
Thomson shareholders voted more than 99 per cent in favour of the deal, which will see the Canadian specialized data provider's largest shareholder, Woodbridge Co. Ltd., owning a 53-per-cent stake in the newly formed Thomson Reuters company. Woodbridge currently owns a 70-per-cent share in Thomson Corp.
Reuters shareholders will hold 24 per cent of the combined entity, while Thomson's other investors will own the remaining 23 per cent.
Reuters chief executive Tom Glocer will become CEO of Thomson Reuters, while Thomson chief executive Richard Harrington is expected to retire soon after the transaction is completed.
The deal will triple Toronto-based Thomson's share of the financial data market to 34 per cent and increase its sales to $11 billion, and put it head-to-head with U.S.-based leader Bloomberg LP.
The transaction is expected to wrap up on April 17.
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