Tuesday, 8 May 2007

CORRECTION: Reuters bid

UPDATE: original reports handed to me suggested the deal had been done. I now edit the post to reflect reality!

After over 150 years, Reuters is subject to a takeover by Thomson. Photoshop journalism by stringers aside, Reuters is, or was, a fine institution with a long and proud history. I used to work for Reuters and I still feel like part of it. I joined in the dynamic, freewheeling and innovative days of MD Glen Renfrew, before the stodge and corporatist kiss-butt of the Job phase.

The M&A Lawyer (Glocer) gets to be CEO of the new entity. The Reuters Trust, who hold a share with 51% voting rights needs to be very careful about this. Of course, CEO Glocer's ego is being stroked and I am certain this is what he would have wanted. In 2001 the Board appointed M&A Lawyer Glocer to be CEO. A hammer only sees a nail. Reuters was prepped for sale and we get a sale.

It is encouraging that the merged sub-entity below Thomson-Reuters, a merge between Thomson Financial and Reuters will remain Reuters. I first thought this would mean an asset strip and sell-off, but this may not be the case after all. If Glocer moves out of Reuters it will need a new CEO for the entity...

No comments: