State Street Global Advisors has dropped out of the bidding for Credit Suisse's $17.34 billion European exchange-traded fund business, according to two sources familiar with the situation.As first reported by Reuters, BlackRock Inc and State Street Global Advisors, the money management arm of State Street Corp, were among the first round of bidders for Credit Suisse's European ETF business in early October .The investment banking arm of Credit Suisse is representing the parent company in the deal, sources said.BlackRock is still looking at the business. It could not be determined if other bidders are competing with BlackRock, according to the sources, who declined to be named because the talks are confidential.
BlackRock, Inc. (BlackRock) is an independent investment management firm. Shares of BLK traded higher by 0.97% or $2.0/share to $207.29. In the past year, the shares have traded as low as $160.25 and as high as $209.37. On average, 771389 shares of BLK exchange hands on a given day and today's volume is recorded at 285507.
State Street Corporation (State Street) is a financial holding company. Shares of STT traded higher by 1.28% or $0.595/share to $47.02. In the past year, the shares have traded as low as $38.21 and as high as $47.20. On average, 4132420 shares of STT exchange hands on a given day and today's volume is recorded at 1250904.
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