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A bigger deal than simply iShares

May 18, 2009

Analysis of:Barclays waits for new offers for iShares | business.timesonline.co.uk

A deal that would surpass the combined CVC offer price and the additional cost of the break fee payment would likely need to be for more than just the iShares business and include the rest of BGI. One of the biggest revenue generators for BGI is the securities lending business which was EXCLUDED from the CVC deal. It is unlikely that BGI would sell the iShares business and include securities lending as it would undermine the overall BGI program and create an iShares lending entity that was too small to compete stand-alone.

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