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Any doubts that this proposed takeover of Reuters by Thomson Corporation is friendly are dispelled by news today that Reuters chief executive Tom Glocer has been sweet-talking the Thomson family for two years. They are rewarding him not only with an attractive offer but also by making him chief executive not just of the enlarged Thomson Financial division but of the whole group. Richard Harrington, the current incumbent, will retire. The enlarged company would have a dual listed company structure, with two boards, identically composed, and listings in Toronto and London. This is not without its risks. Also, in what looks like quite a smart move to get those holding the golden share on-side, Thomson says it will simply adopt the trust principles. Lots for us to chew on here.
Easyjet looks a little ugly. Its shares, off sharply at the end of last week, are down again on week passenger numbers. The stock has now lost 10 per cent of its value in three trading days. As Kevin Done wrote last week, Ryanair said it was feeling the effects of tax rises in the UK and higher airport charges.
Standard Life reported above consensus new business results for the first quarter and said second-quarter sales were maintaining the momentum.