Merrill closer to selling BlackRock stake

As it faces $6 billion in new write-downs, Merrill Lynch may sell its BlackRock and Bloomberg interests.
JUL 07, 2008
By  Bloomberg
Merrill Lynch & Co. Inc. is moving closer to selling its stakes in BlackRock Inc. and Bloomberg LP, as it looks to make up for $6 billion in new write-downs, people familiar with the matter told The Wall Street Journal. The New York-based brokerage firm will likely seek about $5 billion for its 20% stake in Bloomberg, a price lower than it might fetch on the open market, according to the report. The New York-based business news and information company has the right of first refusal over the stock sale. Merrill also expects to meet with high-ranking officials at BlackRock, the New York-based money manager in which it owns a 49% stake, valued at more than $12 billion. If Merrill does not sell its BlackRock stake, it is likely that it will sell part of its interest and attempt to maintain a strategic alliance with the company, the Journal reported. Merrill cannot sell its BlackRock stake before 2009 without the agreement of BlackRock's board. Merrill said it will post second quarter earnings on July 17.

Latest News

Goldman gets shareholder backing on $80M executive bonus packages
Goldman gets shareholder backing on $80M executive bonus packages

The approval of the pay proposal, which handsomely compensates its CEO and president, bolsters claims that big payouts are a must in the war to retain leadership.

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a husband-wife tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.