goodfellowsmansfield.com

Wednesday, May 16, 2007

The Thomson Corporation and Reuters Group PLC announced Tuesday that they have agreed to combine the two companies. The boards of both Thomson and Reuters will recommend the merger to their shareholders.

The Canadian Thomson-family holding company Woodbridge, which controls 70% of Thomson, has agreed to vote in favour of the deal and the Reuters Founders Share Company, which controls a special share in Reuters, will also support the merger.

Based on the TSX CA$46.36 closing share price of Thomson on May 14, 2007, each Reuters share would be valued at 691 pence and, therefore, the full capital of Reuters valued at approximately £8.7 billion. Cash requirements for the deal are to be provided by Thomson. Woodbridge will own approximately 53 percent of the combined company, other Thomson shareholders 23 percent and Reuters shareholders about 24 percent.

The merger arrangement will leave two separate companies that will be operated as a single entity. The boards of the two companies will be identical as will the senior executive management team. Thomson will be renamed to Thomson-Reuters Corporation, and will be listed on both the TSX and the NYSE. Thomson-Reuters PLC will list on the London Stock Exchange and the NYSE.

Reuters current CEO, Tom Glocer, will become CEO of the combined company while Thomson President and CEO Richard J. Harrington will retire at the completion of the merger.

Thomson has currently 32,000 employees worldwide, with operations in 37 countries and revenues of US$6.6 billion in 2006. Thomson’s major business operations centre around financial information and legal services, with smaller ventures in tax accounting, health care, and the scientific field. Thomson is headquartered in Stamford, Connecticut, in the United States.

Reuters is one of the world’s largest news agencies, with a total of 16,800 staff in all divisions, but derives more than 90 percent of its revenue from its financial service business. It is the merger of Thomson and Reuter’s financial services divisions that may have been the genesis of the talks. It has been suggested that both companies wanted a better economy of scale to compete with Bloomberg, the American financial services giant.

“We are enormously proud of the evolution of The Thomson Corporation and the value it has created for all our shareholders,” said David Thomson, Chairman of Thomson. “We recognize the rich history of Reuters and are committed to uphold the Reuters Trust Principles.”

The chairman of Reuters, Niall FitzGerald, expressed his satisfaction with the merger. “The shared expertise and complementary strengths of these two companies makes for a strategically compelling and financially attractive combination,” said FitzGerald in a joint press release. “I am especially proud that Reuters journalism will continue to be governed by the powerful Reuter Trust Principles of independence, integrity and freedom from bias.”

The new company is projecting efficiencies of greater than US$500 million per year, by the end of the third year after closing the deal.

Criticisms were raised by Reuters journalists, who voiced concerns in an open letter to the Reuters Founders Share Company. They worried whether or not “a reconstituted Reuters would maintain the high standards of journalism and the integrity, independence and freedom from bias that have shaped the company’s 156-year-old reputation.”

It is expected that the merger will draw the attention of regulators due to the size and nature of the transaction. “Antitrust authorities in Europe and the U.S. are almost certain to apply a more detailed and lengthy review of the acquisition than is typical, because of the limited number of companies that supply prices, data, news and financial tools,” said Simon Baker, analyst, Credit Suisse in London.

Friday, August 31, 2012

London, England — Last night at London’s Paralympic Basketball Arena, the Brazil women’s national wheelchair basketball team kept it close in a game with the Australia women’s national wheelchair basketball team before losing 52–50 to Australia. Brazil trailed by four with 32.3 seconds left in the game, narrowed the gap to two points with 1.3 seconds left but were unable to score in the final second.

4.5 point player Lia Maria Soares Martin dominated for Brazil, scoring over half the team’s points with 27 total. She led her team on defense with half the team’s rebounds, pulling down 14 of them. The Belém native 24 year old who will celebrate her 25th birthday during the Paralympics plays club basketball for All Star Rodas, Belem.

Brazil played aggressive basketball, with five players earning personal fouls including Soares Martin with 4, Debora Crislina Guimaraes de Costa and Lucicleia da Costa e Costa with 3 each, and Cleonete de Nazare Santos and Cintia Mariana Lopes de Carvalho with 1 each. The Brazilians pinched Australian players several times by trying to force them to go over their wheelchairs and lose their balance. Sportsmanship was still on display, with the Brazilians helping to set Australia’s Kylie Gauci upright after Gauci’s wheelchair tipped over.

Brazil competed in the 2008 Summer Paralympics where they did not win a single match. They are scheduled to play the next game of their London campaign this Saturday against Great Britain.

Tuesday, August 24, 2010

Wikinews has obtained a list of middle management teaching staff allegedly made redundant, or laid off due to restructuring, by Sunshine Coast Grammar School (SCGS), in Queensland, Australia. Sources say that those staff have been told that they can apply for new positions that have opened up.

The list, published on the SCGS alumni Facebook page, contains the names of twenty-two staff members, eight of which taught this article’s primary contributor. Seventeen positions are reportedly being opened up by the private Christian school, eight of which seem to significantly overlap the old ones.

The changes are, apparently, designed to get teachers back into the classroom. “We are not cutting subject choices and extracurricular activities, but retaining a student-driven curriculum that integrates with the new Australian Curriculum, in keeping with our commitment to teaching and learning opportunities,” said headmaster Nigel Fairbairn.

Fairbairn could not guarantee that any of the staff would be given a position in 2011. “That will depend on how many people on that list apply for new positions of responsibility and are successful,” he said.

“The Head of the School cannot guarantee the 21 staff a job at the School in the future, with many of the positions being advertised to external applicants,” said Terry Burke, secretary for the Independent Education Union of Australia Queensland branch (Queensland Independent Education Union, QIEU).

“There has been little or no consultation with affected staff, who should not have to reapply for their jobs,” he said. “Most of the proposed restructuring is highly questionable and places at risk the high quality education at the School.”

Some former students responded angrily to the news.

Four of the affected teachers “were the backbone of the school when [controversy surrounded founding headmaster John Burgess] happened,” a former prefect (student leader) said. “They got it through that crisis and this is the thanks they get.”

“People are angry and shocked,” they continued. “I am aware of at least 10 families who have said they will pull their children out of the school – it’s that bad.”

The student body has not ruled out protesting the schools plans. “It’s getting to that stage,” the former prefect said. “People are trying to look at it in an intelligent way but there is so much anger out there.”

Wikinews understands that Fairbairn attracted criticism when he was a head teacher in Christchurch, New Zealand, where a former student claimed that Fairbairn “replaced the open and welcoming culture … with the tyrannical and oppressive one.”