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Barclays to sell entire BlackRock stake

Barclays is to sell its entire holding in BlackRock through a registered offering and a related buyback by the asset manager.

BlackRock has agreed to repurchase up to £632m in stock, conditional on completion of the offering.

The stake, which represents a 19.6 per cent interest in Barclays, was acquired as part of the deal to sell Barclays Global Investors to BlackRock in 2009.

The bank says its investment in the asset manager was written down to a fair value of £3.4 billion in September 2011, the market value at the close of trading on May 18 was £3.8 billion.

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