Reed Elsevier takes over US firm, cost-cutting announced
Anglo-Dutch publishing group Reed Elsevier is taking over US insurance data collector ChoicePoint for $4.1bn in cash, the company said on Thursday.
Reed Elsevier said the takeover will boost its earnings and profit growth. The company booked autonomous turnover growth of 6% last year, slightly above analysts expectations.
Reed Elsevier also announced plans on Thursday to divest its Reed Business Information unit and to begin a cost cutting programme to save €335m.
Company chairman Crispin Davis said the reorganisation will cost jobs in the coming two to three years but could not say how many, reports ANP news agency.
Earlier this week, British media reported 1,000 jobs will go at the company.
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