On the back of strong six month financial results Reed Elsevier has announced that it has bought Tolley Publishing, a supplier of business information to UK tax and legal markets, from United News & Media for £100m. Pre-tax profits at Reed rose 12% to £416m, with turnover increasing by 7% to £1.7 billion.
It was known that Reed was interested in buying an information service and the spotlight had fallen on Reuters and its rival Bloomberg. The prospect of Reed buying Reuters was slightly unlikely however since it has been capitalised at almost twice Reed’s worth.
After the announcement this morning Reed’s share price at 1100 had slipped 8p to 1142p whilst Reuters had risen a penny to 730.
Reed Elsevier: 0171 499 4020
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