Seeking Alpha

Should PNC unload its 21% stake in BlackRock (BLK) - currently worth $9.46B, but on the books at...

Should PNC unload its 21% stake in BlackRock (BLK) - currently worth $9.46B, but on the books at $5.6B (PNC's total market cap is $37.5B). A sale would enable a sizable buyback (subject to Fed approval), but "not a great trade-off vs. losing 14% of EPS," says Nomura's Keith Murray. Another issue the buildup of a deferred tax asset, meaning the bank would be liable for a $1.9B payment to the IRS if it sold.
Comments (1)
  • Uncle Pie
    , contributor
    Comments (3504) | Send Message
     
    why don't they spin it off to shareholders?
    13 Jun 2013, 08:32 PM Reply Like
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