Navigate this market better. Subscribe for FREE stock alerts and information.

Wednesday, July 9, 2014

Qatar slashes stake in London Stock Exchange group - Telegraph, (NYSE: BAC)

Qatar Holding is set to slash its 15 percent stake in the owner of the London Stock Exchange by a third, ahead of the British company's $1.6 billion rights issue to help it purchase U.S. indexes group Frank Russell, the Telegraph reported on Wednesday, citing sources. The sovereign wealth fund on Wednesday instructed Bank of America Merrill Lynch and Citigroup to sell almost 5 percent in the LSE Group via an overnight accelerated bookbuilding, the daily quoted banking sources as saying.Qatar Holding as well as LSE could not immediately be reached by Reuters for a comment outside of regular business hours in the UK. The sale was part of "routine portfolio management," the paper said, quoting a statement it said was issued by Qatar Holding after the market closed.Qatar Investment Authority (QIA), the investment unit of the Qatar government and the parent company for Qatar Holding, first bought 20.86 percent of the London Stock Exchange (LSE) in 2007. ( on the LSE Group's closing price of 1956 pence per share on Wednesday, the 4.83 percent being sold was worth 255 million pounds ($433.9 million), the daily said.

Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 0.13% or $0.02/share to $15.60. In the past year, the shares have traded as low as $13.31 and as high as $18.03. On average, 77519904 shares of BAC exchange hands on a given day and today's volume is recorded at 46411488.