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Barclays Shares Skid As Top Investor Sells $1.2B Stake
Shares in Barclays fell as much as 6% in early trading on Tuesday, Mar. 29, 2022, after one of its top investors offloaded a $1.2 billion chunk of stock in the lender at a discount overnight, Iain Withers and Lucy Raitano reported for Reuters.
Photo Insert: The sale deals a further blow to Barclays just a day after it disclosed a compliance blunder leading to an estimated 450 million pound ($589 million) loss for overselling structured products in the United States.
An unnamed investor sold 599 million shares on Monday evening, facilitated by Goldman Sachs. The shares are roughly equivalent to a 3.6% stake, according to Refinitiv Eikon data.
The sale deals a further blow to Barclays just a day after it disclosed a compliance blunder leading to an estimated 450 million pound ($589 million) loss for overselling structured products in the United States.
Barclays shares were last down 3.3% at 115.22 pence at 1004 GMT on Tuesday (6:04 p.m. in Manila), after tumbling 4% on Monday. Capital Group offloaded 399 million shares on Monday, according to Eikon data, but it was unclear whether the sale was connected to the transaction managed by Goldman Sachs.
Capital Group is one of the world's largest investment firms, and parent to the American Funds brand that is popular among millions of US investors and retirement savers.
Other top Barclays shareholders with around a 3% stake in the lender include the Qatar Investment Authority (QIA) and Blackrock, according to Eikon data. Blackrock declined to comment when approached by Reuters on Monday, while QIA was not immediately available for comment. QIA last week offloaded 1.2% of miner and commodity trader Glencore for about $1.04 billion.
The Barclays sale was priced at 150 pence on Tuesday, towards the top of the target range of 147.50 pence to 150.75 pence, but this still represented a discount greater than 6% to Monday's closing price, pressuring the share price.
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