REUTERS TO BUY I P SHARP OF CANADA
Reuters Holdings Plc <RTRS.L> said it
had agreed in principle to buy <I P Sharp Associates Ltd> of
Toronto for 30.4 mln stg.
    Sharp is a time-sharing network and database company
specialising in finance, economics, energy and aviation. It
operates a global packet-switching network and global limits
systems for foreign exchange trading.
    Sharp shareholders will be offered cash, shares or a
mixture of the two in settlement. The acquisition, which is
subject to Canadian government approval, would be through
amalgamation into a specially-created company.
    Reuters said it had been given options by a number of Sharp
shareholders covering 67 pct of the common stock pending
completion of a Reuters review of the company.
    Sharp operates 38 offices in 20 countries. In 1986 it
reported revenue of 55 mln Canadian dlrs with a pretax loss of
1.6 mln compared with a 1.9 mln profit in 1985.
    However, Sharp said that internal accounts showed the
company was in profit in the first two months of 1987.
    End-1986 net assets totalled 11.85 mln dlrs.
    A Reuters statement said the acquisition would fit
perfectly into its package for the banking and securities
industries.
 REUTER
