LONDON (AFP) — British media group Reuters said Tuesday it had taken a minority stake in China-based online financial news provider ChinaWeb.
Reuters said that ChinaWeb's main business, Hexun, was one of the largest independent online financial websites in China, with nearly 50 million unique users per month, generating about 670 million page views per month.
Financial terms of the all-cash transaction were not disclosed.
Reuters is being bought by Canadian rival Thomson Corporation for 8.7 billion pounds (17.6 billion dollars, 11.1 billion euros). The deal received regulatory approvals last month and is expected to close on April 17.
In early March, the European Union and United States filed complaints at the World Trade Organisation over Chinese restrictions on foreign financial news providers working in the country.
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