Thomson Reuters launches $9 bn buyback

TORONTO: Thomson Reuters Corp launched a $9 billion share buyback, sending its shares higher, and said it would complete the sale of a majority stake in its Financial & Risk unit to Blackstone Group LP on October 1. Shares in Thomson Reuters, which had been suspended prior to the announcement, were trading at C$58.03, up 3.6 per cent at 1:30 p.m. EDT (17:30 GMT) in Toronto, having earlier hit C$58.50 after trading recommenced, their highest level since the deal was announced on January 30. The tender offer, which expires on October 2, has been priced at $42 to $47 per share, an 11.5 per cent premium to the stock’s average price over the past 20 trading days, the company said in a statement. — Reuters