MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Thursday, June 18, 2009 PNC to Hike its Stake in BlackRock PNC Financial will be boosting its stake in BlackRock to the tune of over $500 million in order to help fund the money manager's purchase of BGI. An SEC filing Wednesday for the Barclays purchase agreement showed that BlackRock entered into a stock purchase agreement with PNC on June 11. PNC will purchase nearly 3.6 million preferred shares at the price of $140.60 per share. The closing of the sale of the shares will occur simultaneously with the closing of the acquisition of BGI. The filing also revealed that BlackRock will also be selling just under 16.4 million shares of common stock at $140.60 per share. Printed from: MFWire.com/story.asp?s=21845 Copyright 2009, InvestmentWires, Inc. All Rights Reserved |