BlackRock's largest shareholder PNC Financial will offload its full 22% stake in the asset management company, the firm said as it looks to pursue other investment opportunities.
Pittsburgh-based bank PNC said "the time is now right" for it to offload the 34.8 million shares, comprising common and preferred stock it purchased in 1995. As well as "significantly enhancing our already strong balance sheet and liquidity", PNC chairman, president and CEO William S. Demchak said it would leave the bank "very well-positioned to take advantage of potential investment opportunities that history has shown can arise in disrupted markets". Larry Fink tells investors to expect a 'cascade of bankruptcies' - reports PNC was the biggest riser in the S&P 500 in after-hours ...
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