Media giant buys £8.7bn Reuters

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The groups are set to join forces under the name Thomson-Reuters after the takeover received the all-clear from the Reuters Founders Share Company, which controls a special share in the media group.

Thomson has agreed to pay 691p per share for Reuters in a deal which is set to create a "global leader" in financial news and information.

The takeover will see Thomson own more than three-quarters of the newly merged business, with the Thomson family taking on a 53% stake in the firm.

Reuters will own the remaining 24% of combined group.

But the takeover is subject to regulatory approval and there are concerns over competition issues, with the two firms effectively set to control around a third of the financial information market.

Reports emerged at the weekend suggesting that banks and fund managers were unsettled by the takeover amid worries of growing consolidation among firms providing financial information to the City.

With newly named Thomson-Reuters estimated to hold around 34% of the market, rival Bloomberg is set to be left controlling around 33%.

Thomson said in the details of the deal that it had "undertaken to take whatever steps are required" to receive anti-trust clearance.

The newly enlarged business is due to be listed in the UK, Canada and the US if it gets the green light from regulators and will be headed by Reuters chief executive Tom Glocer.