Reuters- U.S. asset manager BlackRock Inc gave details on Tuesday of the revised agreements it has struck with top shareholder Merrill Lynch & Co Inc that, among other things, try to protect BlackRock’s interests if Merrill’s structure changes substantially.
Merrill is BlackRock’s biggest shareholder and decided last week to retain its 49.8 percent stake in the biggest publicly traded U.S. asset manager after weighing whether to sell it in full or part to raise capital.
In a filing with the U.S. Securities & Exchange Commission, BlackRock said the revised Stockholder agreement has expanded the definition of change of control at Merrill Lynch to include the disposition of two-thirds or more of Merrill’s global private client business.
