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Reuters shares rise on consolidation talk: traders

LONDON
Fri May 4, 2007 5:03am EDT
A Reuters logo is seen at their global headquarters in Canary Wharf in London, July 26, 2005. Shares in financial information and news provider Reuters Group rose more than 6 percent on Friday, leading gainers on the FTSE 100 index, on talk it could be a target in media sector consolidation. REUTERS/Mike Finn-Kelcey

LONDON (Reuters) - Shares in financial information and news provider Reuters Group RTR.L rose more than 6 percent on Friday, leading gainers on the FTSE 100 index, on talk it could be a target in media sector consolidation.

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"There is a rumor of a 600p bid for Reuters," said one trader. Some traders mentioned Canada's Thomson Corp TOC.TO TOC.N as a potential bidder, while others pointed to News Corp NWSa.N.

News Corp has bid $5 billion for Dow Jones, but the offer has been turned down by Dow Jones' controlling shareholder.

Both Reuters and Thomson declined to comment on the rumors.

At 0803 GMT, Reuters shares were up 6.35 percent at 523.5 pence.

Five-year credit default swaps on Reuters rose 3 basis points to 24 basis points, according to prices from Deutsche Bank.
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