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Thomson Reuters chair sought better terms for financial unit - WSJ

Reuters  |  TORONTO 

TORONTO (Reuters) - Corp David urged the company's board of directors to seek better terms for its $17 billion sale of a large chunk of its to Blackstone Group LP, reported on Thursday, citing people close to the deal.

Blackstone last month agreed to buy a majority stake in Reuters' Financial & Risk division, which competes against privately held in providing bankers and investors with news, data and analytics.

Executives with Woodbridge Co, a private Toronto firm that holds the family's majority stake in Reuters, disagreed with David and supported the deal, the newspaper said. The family owns 64 percent of through Woodbridge.

Woodbridge David Binet, who is also deputy of Reuters, could not be reached for comment. A for declined comment.

eventually voted in favour of the deal, but only after telling other directors he was concerned they had not sought a higher price or considered other for the business, according to the newspaper, which did not identify its sources.

Blackstone last summer initiated talks to buy a majority of the Financial & Risk business, a deal strongly supported by and directors including Woodbridge's Binet, according to the newspaper.

will remain a unit of and provide to the Financial & Risk after the deal is completed.

(Reporting by in Toronto; Editing by and Bill Rigby)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 15 2018. 22:53 IST