Barclays to sell Entire $6.1BN stake in BlackRock (BARC, BLK)
Barclays Plc (LON:BARC), the U.K.’s second-largest bank by assets, will sell its entire $6.1 billion stake in BlackRock Inc. (NYSE:BLK) before the latest round of Basel rules stops it from counting the holding as capital.
BlackRock, the fund manager started by former mortgage-bond trader Laurence Fink, will buy back as much as $1 billion of shares from Barclays as part of the transaction, the London-based bank said in a statement today. The British bank took the 19.6 percent holding when it sold Barclays Global Investors to BlackRock in December 2009 for about $15.2 billion.
Read the full “Bloomberg” story: HERE