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The looming combination of Thomson (TSE:TOC) and Reuters (LON:RTR) has put its proposed merger to European regulators. Reuters filed paperwork with the European Commission, which will now conduct a preliminary review within 25 working days but which could broaden its inquiry, Reuters itself reports.
The company expects to merge in Q4 007 or Q1 2008. When the two information providers agree to join in May, analysts forecast “close U.S. and EC regulatory scrutiny“, though the outfit has denied it will have to make disposals.
An earlier Telegraph.co.uk report said the pair’s “cast iron” submission to regulators would argue that the rise of the internet mitigates any competition concern because operators like Google and Yahoo have become rivals in the same field; it would also liken the financial news sector to the music industry, where rising online sales has allowed new players to flourish. Announcing the deal in May, CEO Tom Glocer: