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Mizuho Agrees to Buy BlackRock Stake for $500 Million

Mizuho Financial Group Inc., Japan’s third-biggest bank, agreed to buy a 2 percent stake in BlackRock Inc. for $500 million and raised its forecast for full-year profit as bad debts fall.

Tokyo-based Mizuho will purchase 3.07 million shares of BlackRock for $163 each, it said in a statement today on its website. Mizuho will buy 2.45 million shares of the world’s largest asset manager directly from Bank of America Corp. and the remaining shares in a public offering, Mizuho said.