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August 7, 2009

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Barclays looks at offer from BlackRock

BRITISH bank Barclays Plc said yesterday United States investment manager BlackRock Inc's offer for its asset management arm, Barclays Global Investors, was a "compelling proposal" that could generate as much as 14.2 billion pounds (US$23.94 billion).

Barclays said the transaction would generate around 13 billion pounds - rising to 14.2 billion pounds based on Wednesday's closing price - and had the advantage of allowing the British bank to retain a stake in the business.

BlackRock announced last month that it had made the offer for Barclay's BGI arm, including its highly profitable iShares business, in a deal that would make it the world's largest asset manager.

Barclays originally had planned to sell San Francisco-based iShares to CVC Capital Partners for 4.4 billion pounds. But Barclays had the option to hunt for a better offer.


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