BlackRock outlines terms of revised pact with Merrill
BlackRock on Tuesday outlined details of its revised agreement with top shareholder Merrill Lynch that, among other things, seeks to protect the US asset manager’s interests in case of a drastic change in Merrill's stockholding, according to a Reuters report.
In a filing with the US Securities & Exchange Commission, BlackRock said the pact has expanded the definition of change of control at the Wall Street bank to include the divestment of two-thirds or more of Merrill's global private client business. This is crucial given the fact that Merrill distributes BlackRock's funds through the unit.
The new agreement also enables Merrill to launch or acquire hedge funds and other alternative investments, the Reuters report said.
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