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Rating:Barclays Shareholders OK the BlackRock Deal Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 07, 2009

Barclays Shareholders OK the BlackRock Deal

Reported by John Alzate

Barclays PLC shareholders gave the green light to BlackRock Inc. for the $14.2 billion sale of the company's Barclays Global Investors unit. Once Barclays seals the deal by the end of the year, the acquisition will catapult the U.S.-based fund manager to being the world's biggest.

BlackRock will create BlackRock Global Investors from the sale, which will be approximately twice the size of its nearest competitors, State Street Global and Fidelity Investments. The money manager sweetened the deal for Barclays executives, who will receive GBP 4.1 billion in cash and allow Barclays to secure a 19.9 percent stake in BGI.

The value of the sale jumped from the initial GBP 13.5 billion to the current GBP 14.2 billion deal after BlackRock shares rose, according to Bloomberg.

Barclays first publicly announced the cash and shares transaction in June. 

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