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Bloomberg chairman quits Blackstone board after Thomson Reuters deal

Bloomberg chairman Peter Grauer (photo) stepped down from Blackstone's board to avoid any conflict of interest over its $17 billion deal for control of the financial terminals and data business of Bloomberg rival Thomson Reuters.

Grauer informed Blackstone he would resign as a director effective immediately, according to a regulatory filing on Friday.

Blackstone’s decision to acquire a 55 per cent stake in Thomson Reuters’ financial and risk division puts the group in direct competition with Bloomberg.

There is no legal requirement that Grauer resign, but he “felt this was the appropriate step given the appearance and potential of a conflict,” Blackstone said in a statement. ■

Financial Times