is set to become the world's largest asset manager after EU regulators approved its offer to buy
Barclays Global Investors
for $13.5 billion in cash and stock.
The acquisition of the asset management arm of U.K. banking group
will increase BlackRock's client funds to $2.8 trillion, tops in the world.
The European Commission said the deal "would not significantly impede" competition in institutional and retail asset management, meaning the
Barclays said it would take home $6.6 billion in cash under the deal, and get a 19.9% stake in the combined BlackRock, which will be renamed BlackRock Global Investors.
-- Reported by Joseph Woelfel in New York
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