Bank of America, PNC Sell $8.3 Billion of BlackRock
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BlackRock Inc. stakeholders Bank of America Corp. and PNC Financial Services Group Inc. sold $8.3 billion of stock in the New York-based investment firm, the biggest public offering in the U.S. this year.
The banks, BlackRock’s two largest investors, sold a combined 51.1 million shares at $163 each, the company said yesterday in a statement. The secondary offering was completed at 3.6 percent below BlackRock’s closing price in New York Stock Exchange composite trading yesterday. BlackRock fell 2.4 percent, or $4, to $165.09 at 10:00 a.m. in New York.