Deals
Bank of America Pondering Sale of BlackRock Stake
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Bank of America Corp. is considering reducing a 34 percent stake in BlackRock Inc., the world’s largest asset manager, a person briefed on the matter said.
The bank, which acquired the holding through the purchase of Merrill Lynch & Co. last year, hasn’t reached a final decision, and no deal is imminent, the person said, declining to be identified because the deliberations aren’t public. The bank’s carrying value for the stake was $10.1 billion as of June 30, and the fair market value was $9.3 billion, according to an Aug. 6 regulatory filing.