Reuters Chair Transfers Shares To Thomson Ahead Of Merger

A fortnight ahead of the April 17 Thomson-Reuters (NSDQ: RTRSY) merger becoming official, Reuters chairman Niall Fitzgerald yesterday sold his entire stake of 80,000 shares in Reuters at £5.79 each, netting him £463,200. The sale was for tax planning purposes, however, the company said, and Fitzgerald used the proceeds to buy 27,658 shares in Thomson (NYSE: TOC) at $34.07 (Canadian) each or $942,308 (£463,053). CEO Tom Glocer is due to reap a previously reported £22.5 million windfall from the merger but, in Reuters’ final earnings presentation earlier this month, pledged to reinvest over half of that in the new company.