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Barclays accepts BlackRock offer

Barclays has today officially accepted BlackRock’s offer for its Barclays Global Investors (BGI) division.

The bank’s board of directors has recommended that shareholders approve the sale, which will go to the vote in a special meeting in early August.

Subject to approval, the transaction should be completed by the fourth quarter of this year, BlackRock says.

The $13.5 billion (£8.2 billion) deal will see BlackRock take on the whole of BGI, including iShares, its exchange traded fund (ETF) platform.

The merger of the two groups will create a firm with over $2.7 trillion in assets under management, which will operate as BlackRock Global Investors.

As part of the agreement, Barclays will receive more than 37m BlackRock shares, almost 20% of the enlarged business, and $6.6 billion in cash.


ASA finds chaser ads misleading

The Advertising Standards Agency upheld a Lloyds TSB complaint over advertisements by Debt Free UK, a claim company, which suggested credit cards or loans taken out before April 2007 could be unenforceable.

PFS wants MoneyPlan volunteers

The Personal Finance Society is calling for its members to volunteer for the Citizens Advice Bureau’s MoneyPlan initiative, which provides free generic financial advice to consumers.

Run rally run

When markets behave erratically, it is easy to cling to familiar territory but managing money is about taking a long-term view – of the future, not the past.


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