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Rating:Fink Buys Barclays' Share on the Cheap Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, May 24, 2012

Fink Buys Barclays' Share on the Cheap

News summary by MFWire's editors

Larry Fink and his team are buying up some of Barclays' BlackRock [profile] shares at a nine percent discount compared to last week.

On Monday MFWire reported that the British bank would sell its $6.1 billion stake in the world's largest asset manager, with $1 billion of those shares going back to BlackRock and the rest, save some for the underwriters, going on the open market.

Reuters reports that Barclays will sell 26.2 million BlackRock shares for $160 each on the open market, while selling 6.4 million shares to BlackRock for $1 billion, which works out to $156.25 per share. That compares to the $172 closing price from Friday and the $167.50 price from yesterday. 

Edited by: Neil Anderson, Managing Editor

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