BC Partners shelves $5bn iShares bid

According to reports, BC Partners has taken its $5bn bid for Barclay's iShares off the table, following Barclays decision to sells its asset management division, Barclays Global Investors (BGI), as a whole including iShares.

Barclays is said to be in talks with BlackRock to sell Barclays Global Investors (BGI), with a price tage of $12bn, potentially ending CVC Capital's agreement to buy iShares from Barclays. Barclays has been using a clause in the agreement allowing it to find a better offer for the business before 18 June.

BGI has more than £1tn of funds under management. The $10bn sale of BGI would make it the largest ever in the fund-management industry. CVC is due a $175m break fee if it doesn't win the deal.

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