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Reuters sells off additional Tibco shares

03 February 2004  |  4624 views  |  0 Reuters sells off additional Tibco shares

Reuters has sold an additional nine million shares of Tibco common stock at $6.85 per share, reducing its stake in the Californian software company to 8.8%.

Reuters says total proceeds from this and last week's sell-off of 76.8 million shares will be approximately $563 million, after underwriting and transaction fees, yielding a net profit of approximately $280 million.

With Reuters' shareholding dropping to 8.8%, the news and information group will no longer have the right to a seat on the Tibco board.

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