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Sun 13 May 2007 02:45 PM

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Reuters set to back Thomson bid

Trustees look set to agree the creation of the world's biggest financial news and data company.

The Independent on Sunday reported that the Reuters Founders Share Company, the trust that acts as guardian to the editorial independence of Reuters Group Plc, is set to back a proposed takeover of the media group by Canada's Thomson Corp.

"It looks like this deal is now almost certain to go ahead," the newspaper quoted an unidentified banker close to the trust as saying.

It added that a formal announcement by Thomson and Reuters could be made as early as this week.

A spokeswoman for Pehr Gyllenhammar, chairman of the Reuters Founders Share Company, was not immediately available for comment. Reuters and Thomson declined to comment.

The Reuters Founders Share Company has a "golden share" which 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%, just ahead of privately owned Bloomberg on 33%, according to Inside Market Data.

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