All Posts Tagged With: "NYSE: BLK"

BlackRock (BLK) Purchases Barclays Fund, Becomes World’s Biggest Money Manager

BlackRock Inc. (NYSE: BLK) yesterday (Friday) announced that it will pay $13.5 billion for Barclays Global Investors (BGI), Barclays PLC’s (NYSE ADR: BCS) investment unit. The deal makes BlackRock the largest money manager in the world with a combined market value of about $34 billion.

The purchase will include $6.6 billion in cash and the rest in shares. Barclays will own nearly 20% of BlackRock as a result of the deal. Bank of America Corp. (NYSE: BAC), which acquired a 49% stake in BlackRock through its purchase of Merrill Lynch, will see its stake in the company dwindle to just under…

15Jun2009 | Money Morning | 0 comments | Continued

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