's acquisition of Barclays Global Investors
is one step closer to becoming a reality. The New York Times reports
that on Tuesday The European Commission
approved the deal. The commission's go-ahead was unsurprising but required under the European Union's Merger Regulation. The EC concluded that "the transaction would not significantly impede effective competition in the European Economic Area or any substantial part of it."
The group's consent is one of many required in the deal. Barclays accepted BlackRock's offer earlier this summer on June 16. Last month, Barclays shareholders gave the transaction the green-light, and both firms still await an expected identical result from BlackRock shareholders. Although an exact date is unknown, the deal should close around year-end, according to BlackRock officials. The acquisition of BGI will make BlackRock the largest asset manager in the world.
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