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Brussels - EU regulators gave their approval Wednesday to BlackRock Inc's bid to buy British bank Barclays PLC's asset management arm, Barclays Global Investors.
The European Commission said the deal "would not significantly impede" competition in institutional and retail asset management. The EU approval means the deal announced in July can go ahead.
Barclays said it would receive $6.6bn cash under the deal, and a 19.9% stake in the enlarged BlackRock Group, which will be renamed BlackRock Global Investors.
The deal will make US based BlackRock the world's largest asset manager.
- AP