Deals du Jour

June 10, 2009

U.S. money manager BlackRock is set to buy Barclays Global Investors (BGI) for between $12 billion and $13 billion, people familiar with the matter told Reuters. The deal, which could come today, would create a global asset manager twice the size of its nearest rival. For today’s headlines, click here.

And in the newspapers:

* Australian bank Macquarie may trump a Chinese bid for assets of debt-laden miner OZ Minerals, the Australian Financial Review said, which could stoke further anger in China after its massive deal with Rio Tinto collapsed last week.

* The chief executive of German retailer Metro is already sounding out foreign investors to buy the combined department store group it hopes to create with the Karstadt chain, Handelsblatt paper reported, citing investment bank sources.

* Swiss auto parts and textiles company Rieter could consider breaking up its business into separate parts as its battles plummeting demand, its chief executive told the HandelsZeitung newspaper.

* Lloyds Banking Group is in talks to sell part of Insight, the investment management operation it inherited when it took over struggling rival HBOS last year, the Financial Times reported. Lloyds declined to comment.

* The Federal Deposit Insurance Corp (FDIC) is trying to ease tensions with Citigroup Inc that arose from the regulator’s push to replace the bank’s chief executive Vikram Pandit, the FT reported. 

* The European Central Bank expects further pain in the financial industry could prevent the eurozone economy from expanding before mid-2010, the Wall Street Journal quoted the bank’s Governing Council member Yves Mersch as saying.

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