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May 31, 1988

REUTERS BUYS 48.8% STAKE IN AUSTRALIAN ASSOCIATED PRESS

By CBR Staff Writer

Reuters Holdings Plc is helping Rupert Murdoch out by paying UKP31.6m for a 48.8% stake in Australian Associated Press Pty Ltd, whose sole function is to hold a block of 13.9m Reuters A shares, the ones that carry most of the votes: under Reuters articles of association, no-one may hold more than 15% of the A shares, and Murdoch was in breach of this rule when he acquired 97% of the Australian holding company; his stake will now fall again to just under 15%, and Reuters will effectively cancel 6.8m of the A shares as a result, improving a little its per-share earnings.

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