Opinion of the Advisory Committee on Mergers given at its meeting of 6 February 2008 regarding a draft decision relating to Case COMP/M.4726 — Thomson Corporation/Reuters Group — Rapporteur: Bulgaria
Date: 2008-02-06
Institutions: Advisory Committee on Restrictive Practices and Dominant Positions
Subjects: economic concentration, information, merger control, provision of services, software

C 212/2

EN

Official Journal of the European Union

20.8.2008

Opinion of the Advisory Committee on Mergers given at its meeting of 6 February 2008 regarding
a draft decision relating to Case COMP/M.4726 — Thomson Corporation/Reuters Group

Rapporteur: Bulgaria

(2008/C 212/02)

1. The Advisory Committee agrees with the Commission that the notified operation constitutes a concen-
tration with a Community dimension within the meaning of Article 3(1)(b) of the Merger Council Regu-
lation (EC) No 139/2004.

2. The Advisory Committee agrees with the Commission that in the area of Sales & Trading the relevant

product markets are:

(a) real-time market data sold through desktop products/workstations;

(b) real-time datafeeds;

(c) market data platforms;

(d) transaction platform for fixed income securities;

(e) news.

3. The Advisory Committee agrees with the Commission that in the area of Research & Asset Management

the relevant product markets are:

(f) real-time broker research reports;

(g) aftermarket broker research reports;

(h) earning estimates

(i) fundamentals

(j) time series of economic data;

(k) ownership;

(l) deals

(m) other content sets (profiles, public filings, other time series);

(n) desktop products for wealth management.

4. The Advisory Committee agrees with the Commission that the relevant geographic market for the
products listed in Question No 2(a) to (e) in the Questions No 3(f) to (m) is at least EEA-wide and may
probably be worldwide in scope.

5. The Advisory Committee agrees with the Commission that the relevant geographic market for the
products listed in Question No 3(n) (desktop products for wealth management) is national in scope or
could at most be regional (i.e. wider than national).

6. The Advisory Committee agrees with the Commission's conclusion that the merger does not lead to

any competition concerns in the relevant markets for:

(a) real-time market data sold through desktop products/workstations;

(b) real-time datafeeds;

(c) market data platforms;

(d) transaction platform for fixed income securities;

(e) news;

(f) real-time broker research reports;

(g) ownership;

(h) deals;

(i) other content sets (profiles, public filings, other time series);

(j) desktop products for wealth management.

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EN

Official Journal of the European Union

C 212/3

7. The Advisory Committee agrees with the Commission's conclusion that the merger leads to adverse
non-coordinated effects resulting from horizontal overlaps and to adverse vertical effects which will
likely aggravate the horizontal effects in the relevant markets for:

(a) aftermarket broker research reports;

(b) earning estimates;

(c) fundamentals;

(d) time series of economic data.

8. The Advisory Committee agrees with the Commission's conclusion that the merger raises serious
doubts in that it will likely impede effective competition in the Common market with regard to the rele-
vant markets for:

(a) aftermarket broker research reports;

(b) earning estimates;

(c) fundamentals;

(d) time series of economic data.

9. The Advisory Committee agrees with the Commission that the revised commitments, submitted on
21 December 2007 by the notifying parties are suitable to remove the serious doubts as to the compati-
bility of the notified operation with the Common market, with regard to the relevant markets for:

(a) aftermarket broker research reports;

(b) earning estimates;

(c) fundamentals;

(d) time series of economic data.

10. The Advisory Committee agrees with the Commission that the notified concentration, modified by the
commitments should be declared compatible with the common market and the functioning of the
EEA Agreement pursuant to Articles 2(2) and 8(2) of the Merger Regulation and Article 57 of the
EEA Agreement.