LONDON (AFX) - UK bank Barclays PLC said its chairman, Matt Barrett, has sold more than 2.3 mln of its shares, almost entirely eliminating his stake in the group.
In an announcement to the stock market, Barclays said Barrett on Thursday sold 2,315,041 shares at 710-1/2 pence each.
The sale, which saw Barrett dispose of 2 mln shares he had earlier exercised an option to buy at 520 pence each, generated net proceeds of 6 mln stg for the Barclays chairman.
It reduces his holding in the bank to just 2,000 shares.
The share sale by Barrett is at odds with speculation today of an imminent bid for Barclays by Bank of America, which lifted Barclays stock by 3.25 pct to 730 pence at the close. That gives the UK bank a market value of 47.4 bln stg.
The bid speculation was stoked by a research note from Merrill Lynch analyst Edward Najarian which argued that Bank of America is 'very interested' in acquiring Barclays as part of a plan to transform itself into 'a leading global commercial and investment bank.'
'We think Barclays is the perfect fit for BAC, given our understanding of BAC's international aspirations,' Najarian wrote. newsdesk@afxnews.com mn/tc COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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