In an effort to meet the Basel III capital requirements and boost profitability, Barclays PLC (NYSE:BCS) has decided to sell its 19.6% stake (about 35.2 million shares) in BlackRock Inc. (NYSE:BLK). The company will dispose approximately 26.2 million shares of BlackRock in an underwritten public offering at a price of $160.00 per share. Additionally, BlackRock would buyback nearly 6.4 million shares for $1.0 billion.
With regard to the public offering, the underwriters – Morgan Stanley (NYSE:MS), BofA … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards