Earlier, Thomson President and CEO Dick Harrington downplayed any antitrust concerns, telling "Squawk Box Europe" that "there's plenty of room for all of us" and that the companies would get through the regulatory process in a timely fashion.
Glocer said he has not yet met with regulatory authorities, and the “consultation process is beginning now.” But the Reuters chief also had no doubts that the merger will be approved.
“The financial services market has evolved over the last five years. Technology has taken away many barriers to entry” for smaller players, Glocer explained.
He also pointed to data “consortia among our large clients,” which he defined as “the Goldman Sachses and Morgan Stanleys of the world.” He said today's media environment contains “lots of competition from new entrants and big players,” naming Moody's and the combination of McGraw-Hill and Standard & Poor's.
Backing of Major Shareholders
The takeover has the backing of the two companys' major shareholders, Woodbridge, the holding company owned by the Thomson family which controls about 70% of the company, and the Reuters Founders Share Company, which controls a special share in Reuters and could have blocked the takeover.
The move is part of Thomson's strategy to concentrate on financial information. The company sold its education unit for $7.75 billion last week.
The new firm would also be strengthened against Dow Jones, which received a $5 billion takeover offer from Rupert Murdoch's News Corp. on May 1.
Glocer praised Dow Jones as "the only major organization which has made a subscription model work” -- because it understands the value of strong financial content. But, he said, Reuters has always believed in such content, too.