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BlackRock deal for BGI gains approval of EC

FUND manager BlackRock has won regulatory approval from the European Commission (EC) for its $13.5bn (&pound;8.2bn) purchase of Barclays Global Investors (BGI).<br /><br />The Commission said the deal did not raise competition concerns, despite overlaps between the two firms in areas such as retail asset management.<br /><br />It said the new entity, BlackRock Global Investors, would be a major player in several sectors but that &ldquo;market shares would remain relatively limited&rdquo;. The deal will create the world&rsquo;s largest money manager with $2.8 trillion in client funds.<br />