Following BlackRock’s repurchase and the wider offering, PNC will be left with 500,000 shares in BlackRock, which it will pass on to its charitable foundation.
‘We feel the time is now right to do just that [selling their BlackRock shares], realizing a substantial return on our investment, significantly enhancing our already strong balance sheet and liquidity, and leaving PNC very well-positioned to take advantage of potential investment opportunities that history has shown can arise in disrupted markets,’ he added.
Looks like a sale to buy up some cheap assets. Originally the shares were purchased in 1995, a pretty good holding period! A $240m investment turned into over $1.1bn (not including other payouts and benefits.)