Reuters buyout to occur in 2nd quarter

LONDON -- Thomson Corp.'s proposed $17 billion acquisition of Reuters Group PLC should receive regulatory clearance early in the second quarter of 2008, both companies said in a statement on Monday.

The new timetable is a slight delay -- the pair had said in mid-December that the deal was expected to be completed in the first quarter.

They said Monday that the U.S. Department of Justice, which had been due to announce its decision on Tuesday, had agreed to give its decision on the purchase "on or about the date" that the European Commission makes its decision.

The European Commission is due to make its ruling by March 10.

Subject to the findings of both antitrust reviews, the companies said they expected the 8.7 billion pound (11.5 billion euros) deal to close "early in the second quarter."

"Given the highly complementary nature of their businesses, the two companies have a high degree of confidence that the acquisition will receive clearance on an expedited timetable," they said in a statement to the London Stock Exchange.

"While the regulatory review process continues, integration planning efforts associated with the acquisition are proceeding on course," they added.

The EU's executive arm said late last year that it was concerned the deal would affect fair competition in the financial information sector.

It cited problems because both companies supply information feeds to stock market traders, control news services and have access to broker research reports as well as financial information databases that they sell to their customers.

Reuters shares dropped 1.5 percent to 597 pence ($11.71; 7.92 euros) on Monday.