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BlackRock Leading Contender To Acquire Barclays Global Investors
Global fund management powerhouse BlackRock Inc is now the likely bidder to acquire the asset management business of Barclays PLC, Barclays Global Investors (BGI) according to the British newspaper The Sunday Telegraph.
The Newspaper reported that the New York based money managers bid puts a valuation on BGI of about US$13 billion and suggested that a deal would be closed by next week.
The deal would comprise a mixture of shares and cash and leave Barclays with perhaps a 20 per cent stake in the combined asset management company, The Sunday Telegraph said citing unnamed sources supposedly close to the merger negotiations.
Neither Barclays nor BlackRock have made any comment on the deals.
Earlier in the year Barclays agreed to sell its iShares unit which brokers exchange traded funds to Private Equity firm CVC Capital Partners for US$ 4.4 billion. The deal has not vested yet since it includes a “go shop” clause which allows Barclays until June 18th to seek a better deal for both its iShares unit and BGI but would require the British bank to pay a US$175 million breakup fee to CVC should it not complete the sale.
Last month Barclays said it had received numerous enquiries for its BGI unit from several potential bidders, with the Financial Times naming BlackRock as one of the bidders.
The Sunday Telegraph said that no deal had been finalized, and that the price negotiations were still continues with another bid emanating from the Bank of New York Mellon perhaps exceeding The BlackRock price still feasible.
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[...] unit after initially putting its iShares business up for sale. News agencies and websites including money-au reported yesterday that a deal was imminent. Reports which yesterday Barclays sought to play down by [...]