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LONDON (AP) — Reuters agreed Tuesday to a $17.2 billion takeover by Thomson that would vault the combined entity ahead of Bloomberg to become the world's largest financial data and news provider.
The combined company will be headed by Tom Glocer, 47, chief executive of Reuters, and he will be responsible for finding the $500 million in savings the companies are promising to deliver by the third year.
Reuters trustees, who could have vetoed any takeover, endorsed the deal, which is still subject to approval by shareholders and regulators.
"We believe that the formation of Thomson-Reuters marks a watershed in the global information business, and will underpin the strength, integrity and sustainability of Reuters as a global leader in news and financial information for many years to come," said Pehr Gyllenhammar, chairman of the trustees.
Holders of each Reuters Group share traded in London will be paid the equivalent of about $7 in cash and 0.16 shares of Thomson's Toronto-listed stock.
The value of the deal is calculated based on Thomson's closing share price of 48.46 Canadian dollars on the Toronto Stock Exchange on May 3, the day before the companies announced they were exploring a combination.
Shareholders of Thomson, whose operational head office is in Stamford, Conn., would control more than three quarters of the shares in the new company, Thomson-Reuters.
Woodbridge, the Thomson family holding company which controls roughly 70% of Thomson, will own approximately 53% of the combined business. Other Thomson shareholders will have 23% and Reuters shareholders 24%, the companies said.
Reuters and Thomson compete with Bloomberg, founded by New York Mayor Mike Bloomberg, in providing financial data terminals to the world's major banks and brokerages. Reuters was the market leader for years before steadily losing ground to Bloomberg.
An April report from Inside Market Data Reference said Bloomberg has a 33% share of the market, with Reuters holding 23% and Thomson 11%.
"For Thomson, it is a defining moment in our journey to become the information provider of choice for the world's business and professional markets," said Richard J. Harrington, Thomson's president and chief executive. Harrington, 60, will step down when the merger is completed.
London-based Reuters was born in 1851 when Paul Julius Reuter started sending stock market quotations between London and Paris via the new Calais-Dover cable.
The merged companies will have a dual-listed structure.
The renamed Thomson-Reuters will retain current listings on the Toronto Stock Exchange and on the New York Stock Exchange. It also will apply for its ordinary shares to be listed on the London Stock Exchange and intends to apply for its American Depositary Shares to be listed on Nasdaq.
"The companies will be separate legal entities but will be managed and operated as if they were a single economic enterprise," the announcement said. "The boards of the two companies will be identical and the combined business will be managed by a single senior executive management team."
The combined Thomson Financial unit and Reuters financial and media businesses will be called Reuters.
Thomson's professional businesses — legal, tax and accounting, scientific and health care — will be branded as Thomson-Reuters Professional.
(from usatoday.com)
Fouled hard by Robert Horry with 18 seconds to play, Steve Nash jumped to his feet and decided he had to stand up for himself. His teammate Raja Bell was already doing that for him.The hit by Horry was one of several bad plays by the San Antonio Spurs.The Spurs led 97-92 with 2:23 to play on a rebound basket by Tim Duncan, their last field goal of the game.
Nash and Amare Stoudemire connected on a couple of behind-the back passes for layups that gave the Suns the lead for good, the first with 53 seconds left, the second with 32 seconds to go that made it 100-97.
A series that had featured harsh words and tough fouls in the first three games, took on a whole new look with 18 seconds to play when Horry hit Nash with a forearm and knocked him into the scorer's table.
"I know you have to roll with the punches literally a lot of the time," Nash said. "I felt like that was uncalled for. It's hard to always take the high road."
Bell, who was several steps ahead of Nash on his way to confront Horry, was called for a technical foul. He said he did nothing.
"It was a tough foul," Bell said. "It was a hockey foul."
Horry was given a flagrant foul and was ejected. A free throw by each team made it 101-98. The Suns kept possession and Nash added another free throw with 16 seconds to go.
Shawn Marion added two free throws with 7.4 seconds left.
Game 5 is Wednesday night in Phoenix and it's possible there could be suspensions from the league for players leaving the bench after Horry fouled Nash.
Stoudemire was caught on replays well off the bench but he said he was on his way to the scorer's table to check in when the incident happened. He said he's "just a little" worried about a possible suspension.
"I was just doing what the coach told me. He told me to check in," Stoudemire said. "I just got to say my prayers tonight."
The Spurs led by as many as 11 points. They missed nine of their last 10 shots, including the last six during Phoenix' closing run.
"We've been in this situation before. We did a good job to get the lead. Late in the game we didn't do a good job," Spurs guard Bruce Bowen said. "We have to do a better job of tightening up more than anything else."
Stoudemire led the Suns with 26 points, while Nash had 24 points and 15 assists.
"Today we did it. We have to do it two more times," Suns coach Mike D'Antoni said. "Tonight, we played a little bit better and a little more desperate. We got over the hump. They're a great team."
Tony Parker led the Spurs with 23 points and Tim Duncan had 21 points and 11 rebounds.
The increasingly hostile series has been marked by bumps, bruises and harsh words. A gash across Nash's nose required six stitches after a collision with Parker in Game 1 and Ginobili got a bloodied and bruised eye in Game 3 on a drive to the basket.
Last week, Stoudemire called the Spurs a "dirty team" and targeted Bowen and Ginobili in particular. He said Bowen purposely kicked him in the Suns' Game 2 win.
And Bowen gave his critics ammunition when in Game 3 on Saturday he kneed Nash in the groin area. Nash said Monday before the game that Bowen told him on the court that the move was unintentional. The foul originally called on the play was upgraded to a "flagrant foul 1."
"The league will take care of that," Bowen said of Monday's incident. "That's not for us as players to worry about. These situations, emotions get really high. It's intense."
The Spurs entered the fourth quarter leading 80-72.
Marion's dunk with 1:31 to go brought the Suns within one, and Stoudemire's first layup put the Suns up 98-97. It was their first lead since 3:38 left in the second quarter, when they were up 38-37.
Marion was largely absent offensively early on, scoring just three points heading into the final quarter. His 3 with 8:33 to go, followed by another basket, brought the Suns within 85-80 with 7:51 to play. Marion finished with 12 points, nine in the fourth, and 12 rebounds. Kurt Thomas had 14 points and Bell 12.
"The guy was all over the place," D'Antoni said of Marion. "He came up with some good buckets. Didn't score a lot, but got 12 rebounds. He was just everywhere, everywhere."
Stoudemire, who sat much of the second half of Saturday's Game 3 with foul trouble, picked up his fourth and fifth fouls just four seconds apart in the fourth quarter. He went to the bench with 6:54 left in the game.
Michael Finley had 17 points, including four 3-pointers, for San Antonio, Brent Barry added 12 and Ginobili had 10 points.
The Suns led 20-12 in the first quarter as Nash, who was scoreless in the first half of Game 3, made his first three shots. Phoenix was up 24-22 heading into the second quarter but Nash cooled, missing three of four shots. He also picked up his first foul, and complained about it, when Bowen fell to the court as the two ran down the floor on a break.
Stoudemire played just 49 seconds in the second quarter when he picked up his second foul with 11:11 to play.
The Suns, who held the Spurs to just 81 points in their Game 2 win, outrebounded the Spurs 23-17 in the first half and 42-32 in the game.
Notes:@ Many Spurs fans were wearing a dab of black under their left eyes in support of Ginobili. The display mimicked Game 2, when a local radio station passed out bandages for Suns fans to wear over their noses in support of Nash after his injury. ... The Spurs' bench outscored the Suns' reserves 28-16.
(from yahoo.com)
By Sanjib Kumar Roy
The Indian Ocean archipelago was badly hit by the December 26, 2004 tsunami with more than 3,500 people killed and nearly 40,000 displaced.
The government built temporary shelters for victims made of corrugated metal sheets, and initially promised to move them into new, permanent homes in early 2007.
But work is moving at a snail's pace.
In the meantime, monsoon rains have begun entering the temporary homes through holes in the roofs and collecting because of poor drainage, residents said.
"Rain water is leaving a sea of water inside the shelters. Heavy spells are adding to our misery," said Martin Luther, a spokesman for the Tribal Council on the Nicobar islands.
Monsoon rains arrived over the South Andaman Sea on May 10, more than a week ahead of schedule.
Some shelters were badly constructed by temporary labourers while some lack windows, residents said.
"It means bad news as most shelters are faulty and easily causing water to seep inside," John Steven, a teacher in Mus village in Car Nicobar island, said by telephone.
"We have no idea when we will get our homes."
Tribal leaders had complained bitterly about the design of the shelters since they were first unveiled, arguing that local materials should have been used instead of corrugated iron, which makes the shelters unbearably hot in the summer.
The government said it was doing its best to repair defects in shelters that were leaking.
"There have been some cases where people have complained that temporary shelters were damaged and we replaced them and we will do so again," said Ankita Mishra, a senior island administration official.
The government has set a new deadline of the end of this year to finish the permanent shelters but aid groups are sceptical this target will be met.
"The administration has admitted slippages and they will struggle to finish building permanent homes by 2008," Subhasis Roy of Healthy Environment and Less Pollution told Reuters in Port Blair, capital of the Andaman and Nicobar islands.
The archipelago, which lies more than 1,200 km off India's eastern coast, is famous for its sparkling sand beaches and coral reefs, lapped by the emerald waters of the Indian Ocean.
(from yahoo.com)
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All-rounder Andrew Flintoff has given England cause for concern ahead of the first Test after reporting discomfort in his left ankle.
Flintoff said his ankle was sore following Lancashire's County Championship match against Hampshire.
He has had a scan and the results will be reviewed on Monday.
"When a player is having a scan three days before the start of the first Test, it is a concern for us," an ECB spokesman told the BBC Sport website.
"We await the results of the scan and the medical team's assessment before being able to make any further comment.
"To say Andrew could miss the entire match or only be able to bat is pure speculation at this stage."
Flintoff, 29, was named in England's 12-man squad on Sunday, although Lancashire team-mate James Anderson was put on standby.
His injury will be re-assessed by team medics ahead of net practice at Lord's on Tuesday, with the Test against West Indies starting on Thursday.
Flintoff has twice had surgery on his left ankle in the last three years.
He missed the second half of last summer with it and he only just finished his rehabilitation in time to lead England into the Champions Trophy and the Ashes.
England are already without captain Michael Vaughan for the first Test of the four-match series, with opener Andrew Strauss taking over the captaincy instead of Flintoff.
And Kevin Pietersen is also a doubt having pulled out of Hampshire's match with Lancashire with a calf muscle tear.
(from BBC.com)
Leading members of Britain's Palestinian community are calling for the immediate release of kidnapped BBC Gaza correspondent Alan Johnston.
The main Palestinian representative in the UK, Manuel Hassassian, is taking part in a day of solidarity in London for the reporter.
Mr Johnston was abducted at gunpoint in Gaza City on his way home on 12 March, nine weeks ago today.
A tape allegedly made by his kidnappers was released last week.
Issued by a group calling itself the Jaish al-Islam (Army of Islam), the tape showed the 44-year-old's BBC ID card, and also demanded the release of Muslim prisoners in British jails.
'He works for us'
The solidarity event is being held at a Palestinian restaurant in west London.
It aims to "send a clear message to his kidnappers that the Palestinian community... are appalled by this act", organisers said.
Restaurant owner Mohammed Zomlot, who is from Gaza, said the Palestinian community in the UK wanted to support Mr Johnston.
"I feel that we are the people who really should care about Gaza, and who should care about Alan," he said.
"Because Alan, at the end of the day, he's one of the people who cares about us and he works for us, and that's why we have a responsibility to protect him, and we have to ask for his immediate release."
The abduction of Mr Johnston, the only Western reporter permanently based in Gaza, has triggered appeals for his release from lawmakers and rights groups around the world.
Leaders including UN Secretary-General Ban Ki-moon and UK Prime Minister Tony Blair have called for him to be freed.
On Sunday, Iran's foreign ministry spokesman condemned the kidnapping in the first official comments from Tehran since it happened.
Last week, Alan Johnston was named broadcast journalist of the year by the London Press Club for his work reporting from the Gaza Strip.
(from BBC.com