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Rating:Amid Chatter about Low Bids, Barclays Says Deal Talks are 'Progressing Well' Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 30, 2009

Amid Chatter about Low Bids, Barclays Says Deal Talks are 'Progressing Well'

by: Erin Kello

Hours after a report surfaced that Barclays has asked iShares' suitors to resubmit their bids because the original bids came in below the asking price, Barclays issued a news release saying that deal discussions are "progressing well."

"Barclays is discussing the potential sale of its iShares business with a number of interested parties," the Barclays press release read. "These discussions are progressing well."

The iShares update formed part of a broader press about Barclays's decision not to take part in the U.K. government's asset protection scheme. Following is the complete press release:
Asset Protection Scheme

Barclays has continued to assess the potential benefits and costs of participation in HM Treasury’s Asset Protection Scheme (APS) announced on 19 January 2009.

Following further careful assessment and discussions with major shareholders, the Board of Barclays has determined that it would not be in the interests of its investors, depositors and clients to participate in the APS.

Financial management and trading

On 27 March 2009, Barclays confirmed that its capital position and resources were expected to meet the capital requirements of the UK Financial Services Authority after application of a detailed stress test to determine resilience to stressed credit risk, market risk and economic conditions.

Barclays continues to manage its balance sheet and capital position actively.

Since the beginning of 2009, Barclays has continued to sell credit market exposures following the disposals effected in 2008 and has done so at or around their carrying values.

The trading performance of the Barclays Group in 2009 continues to be strong.

Update on sale of iShares

Barclays is discussing the potential sale of its iShares business with a number of interested parties. These discussions are progressing well.

John Varley, Group Chief Executive, Barclays, said:

"In making our judgement about the Asset Protection Scheme, we have looked carefully at the economics of participation, and we have talked to many investors. This has led us to today’s decision."
 

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