Barclays has confirmed takeover interest in its BGI asset management arm

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May 15, 2009 8:35am ETF BASIC NEWS

barclaysThe banking giant is already offloading its iShares fund management business, which is the most profitable part of BGI, in an agreed £3bn sale to CVC Capital Partners.
However, Barclays said it had received a number of rival approaches for the iShares business under the ‘go shop’ clause in its sale to CVC, including interest in the wider BGI business.

A report in the Financial Times said the group was in negotiations with possible bidders including US fund manager BlackRock over a deal for BGI, which is one of the bank’s most valuable assets.

Shares rose 6% as investors cheered the prospect of a bidding battle for BGI.

A sale of the business could also net further hefty windfalls for top managers who own shares in BGI, including a possible £12.5m payout for Barclays’ investment banking chief Bob Diamond.

Full Story: http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=485143&in_page_id=3



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