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GLOBAL - Barclays accepts BlackRock's offer for BGI

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Barclays' board of directors has accepted BlackRock's offer to acquire its asset management division Barclays Global Investors (BGI), with the price tag thought to be around $10bn.

The offer was accepted after having satisfied the provisions of the 'go shop' agreement Barclays made with CVC Capital over a previous offer for Barclays' exchange traded unit iShares.

Barclays is due to recommend the transaction to shareholders at a meeting in early August 2009.

The transaction is expected to close in Q4 2009, following approval by Barclays' shareholders, the receipt of client consents and regulatory approvals as well as satisfaction of customary closing conditions.

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