Exhibit 99.1
8 October 2007 THOMSON AND REUTERS PROVIDE REGULATORY UPDATE EC confirms that its regulatory review will proceed to Phase 2 STAMFORD, Conn., LONDON, October 08, 2007 – The Thomson Corporation (NYSE: TOC; TSX: TOC), and Reuters (LSE: RTR, NASDAQ: RTRSY) today provided an update on the ongoing European and U.S. regulatory processes related to Thomson’s proposed acquisition of Reuters. The European Commission (EC) has informed the two companies that it will proceed to a Phase 2 review of the proposed transaction to give it more time to examine the transaction and its impact on the competitive environment. Competitive conditions in the industry where Thomson Financial and Reuters operate are complex and constantly evolving. Both companies will continue to work with the EC to help narrow and resolve the issues which the EC has indicated require further review. The companies currently anticipate that the Phase 2 review will be completed during the first quarter of 2008. In the U.S., the two companies have signed a timing agreement with the Department of Justice related to its regulatory review. Under the timing agreement, the Department of Justice will provide Thomson and Reuters with a decision by January 15, 2008. Thomson and Reuters also announced that they have agreed to a technical amendment related to the U.S. regulatory pre-condition described in their announcement of May 15, 2007. The purpose of the amendment is to reflect the actual review procedure being conducted by the Department of Justice and the companies’ original intent in drafting the U.S. regulatory pre-condition. For technical reasons related to the dual listed company (DLC) structure contemplated for Thomson-Reuters, the transaction is not subject to the filing and waiting period requirements of the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976 as had been contemplated and reflected in the original wording of the U.S. regulatory pre-condition. As previously announced, the Department of Justice has been conducting a review of the transaction similar to a Hart-Scott-Rodino review, as is common for a transaction of this size. Commenting on these regulatory developments, Tom Glocer, currently CEO of Reuters and CEO designate of Thomson-Reuters said, “Today’s developments bring clarity and transparency to the regulatory timetables on both sides of the Atlantic. Our discussions with both sets of regulators have been constructive and have developed in line with our expectations. Thomson and Reuters remain committed to working with them through to the end of their investigations. Customer feedback to the proposed transaction has been overwhelmingly positive, and we are hopeful that we can work with the regulators to expedite the process and complete the transaction in or around the first quarter of 2008.” 1 |
U.S. REGULATORY PRE-CONDITION (b) either: (i) all applicable filings having been made and all or any applicable waiting periods (including any extensions thereof) under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the regulations thereunder having expired, lapsed or been terminated as appropriate, in each case in respect of the proposed combination of Reuters with Thomson and neither of the parties being subject to any order or injunction of a court of competent jurisdiction in the United States that prohibits consummation of the Transaction as a result of action brought by the US Federal Trade Commission or US Department of Justice; or (ii) if no such filings are required, then the US Federal Trade Commission or US Department of Justice having concluded its investigation and review of the proposed combination and notified the parties of its determination, either: (1) not to seek to prohibit consummation of the Transaction; or (2) to seek to prohibit consummation of the Transaction; and, as at or on any date after the date 30 days after notification of such decision: (A) there not continuing to be any action, proceeding or suit outstanding for; and (B) neither of the parties being subject to, any order or injunction of a court of competent jurisdiction in the United States that prohibits consummation of the Transaction as a result of action brought by the US Federal Trade Commission or US Department of Justice. 5 |