Barclays To Book GBP5.3 Billion Gain From GBP8.2 Billion BGI Sale
2009年6月12日 - 4:03PM
Dow Jones News
Barclays PLC (BCS) said Friday that it expects to book a GBP5.3
billion gain from the sale of Barclays Global Investors to
BlackRock Inc. (BLK), substantially improving its capital
strength.
The U.K. bank said it has agreed to sell BGI to BlackRock for
$13.5 billion, or GBP8.2 billion. Barclays said that under the
terms of the deal it will get a 19.9% interest in BlackRock and
GBP4 billion in cash.
It said the offer from BlackRock is superior to Barclays'
previously-agreed deal to sell the BGI division iShares to private
equity firm CVC Capital Partners for GBP3 billion.
Barclays said CVC has until next Thursday to match or better the
BlackRock offer. Nobody was immediately available to comment at
CVC.
If the BlackRock deal goes ahead, Barclays said it will add 150
basis points to its core Tier 1 ratio, lifting it to a pro forma 8%
at the end of 2008.
The move makes BlackRock one of the leading global providers of
investment management services with pro forma assets under
management of approximately $2.8 trillion at the end of 2008.
"Barclays would extend its ability to meet the sophisticated
investment needs of its existing and future clients and customers
by accessing the enhanced investment platform and capabilities of
BlackRock Global Investors," Barclays said, adding that it would
also gain access through BlackRock to new channels and customers
for Barclays products and advisory services, offering new revenue
opportunities.
Barclays said its trading performance through to the end of May
has been generally consistent with the overall trends it reported
on May 7 when it said first-quarter net profit was up 12% from the
year before. It said the increased earnings were due to a surge in
investment banking profits, and that April trading had been in line
with the trend seen in February and March.
Barclays shares closed Thursday at 304 pence. They have almost
doubled in value since the start of the year, sharply outperforming
the Stoxx Europe 600 bank index which was up 24% over the same
period.
Company Web site: www.group.barclays.com
-By Digby Larner, Dow Jones Newswires; +33 1 4017 1748;
digby.larner@dowjones.com