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Barclays confirms bidders for BGI sale

Barclays has confirmed it has received a number of expressions of interest from third parties over the sale of its asset management division Barclays Global Investors.

US manager BlackRock is understood to be one of the interested bidders linked to a possible deal.

The sell-off of BGI is thought to be worth around £6.5bn and follows the sale currently on the table for the bank’s exchange traded funds business iShares.

The bank is understood to have received up to three new bids for iShares above the £3bn initially tabled by private equity group CVC.

Under the transaction agreement, Barclays may solicit proposals for iShares
from third parties for at least 45 business days from April 15.

In response to press speculation the bank said: “Barclays has received a number of expressions of interest, including unsolicited interest in the broader BGI business. There can be no certainty that any of these approaches will result in a different transaction.

“Barclays will update the market further upon the conclusion of the go-shop
process.”

By 9.28am, shares in Barclays jumped by 9.5 per cent to 277p and reached an intra-day high of 278.50p on the back of the speculation.

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