November 12, 2010
Mizuho Financial Group, Inc.
Mizuho Financial Group Acquires BlackRock Common Stock
Tokyo, 12 November 2010 – Mizuho Financial Group, Inc. (NYSE:MFG) and BlackRock, Inc.
(NYSE:BLK) today announced that Mizuho has agreed to acquire 613,497 shares of
common stock of BlackRock in the Company’s recently announced secondary offering, as
well as an additional 2,453,988 shares from Bank of America Corporation pursuant to a
direct placement. In total, Mizuho purchased 3,067,485 shares at the offering price of
$163.00. Mizuho and BlackRock also announced today the intent to sign a Business
Cooperation Agreement that will further promote strategic cooperation between the two
firms globally – with particular emphasis on Japan and Asia – to more effectively address
the investment needs of their respective clients.
“Today’s announcement supports our commitment to the “Transformation Program” that we
have previously introduced,” said Takashi Tsukamoto, President and CEO of Mizuho
Financial Group. “As outlined, the Program seeks to enhance our distribution of retail
funds, strengthen our pension business, improve risk management functions and promote
innovative product development. BlackRock’s world-class capabilities in each of these areas
will be invaluable to Mizuho and our clients as they consider the changing landscape and
appropriate investment and risk management strategies.”
"Mizuho’s deep understanding of the local markets in Japan and connectivity to investors
throughout Asia makes them a key strategic partner of BlackRock in the region,”
commented Laurence D. Fink, Chairman and CEO of BlackRock. “I am especially pleased
that Mizuho chose to affirm the importance of our relationship by taking a stake in
BlackRock in connection with our recent secondary offering. They are the sole Japanese
institution to do so, and we look forward to working with them to offer BlackRock’s strong
line-up of retail, institutional and risk management products to their distinguished client
The Mizuho Financial Group is one of the largest financial institutions in the world,
offering a broad range of financial services including banking, securities, trust and asset
management, credit card, private banking, venture capital through its group companies.
The group has over 57,000 staff working in approximately 950 offices inside and outside
Japan, and total assets of over $1.6 trillion (as of March 2010). The group was created in
September 2000 through the establishment of a holding company of our three predecessor
banks, The Dai-Ichi Kangyo Bank (DKB), The Fuji Bank (Fuji) and The Industrial Bank of
Japan (IBJ). Under the umbrella of the holding company Mizuho Financial Group, our
principal group companies include Mizuho Corporate Bank, Mizuho Bank, Mizuho
Securities and Mizuho Trust & Banking.
Company''s website at www.mizuho-fg.co.jp.
BlackRock is a leader in investment management, risk management and advisory services
for institutional and retail clients worldwide. At September 30, 2010, BlackRock’s AUM
was $3.446 trillion. BlackRock offers products that span the risk spectrum to meet clients’
needs, including active, enhanced and index strategies across markets and asset classes.
Products are offered in a variety of structures including separate accounts, mutual funds,
iShares® (exchange traded funds), and other pooled investment vehicles. BlackRock also
offers risk management, advisory and enterprise investment system services to a broad
base of institutional investors through BlackRock Solutions®. Headquartered in New York
City, as of September 30, 2010, the firm has approximately 8,900 employees in 24 countries
and a major presence in key global markets, including North and South America, Europe,
Asia, Australia and the Middle East and Africa. For additional information, please visit the
Company''s website at www.blackrock.com.
This report, and other statements that BlackRock may make, may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act, with
respect to BlackRock’s future financial or business performance, strategies or expectations.
Forward-looking statements are typically identified by words or phrases such as “trend,”
“potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,”
“current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,”
“maintain,” “sustain,” “seek,” “achieve,” and similar expressions, or future or conditional
verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions.
BlackRock cautions that forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Forward-looking statements speak only
as of the date they are made, and BlackRock assumes no duty to and does not undertake to
update forward-looking statements. Actual results could differ materially from those
anticipated in forward-looking statements and future results could differ materially from
In addition to risk factors previously disclosed in BlackRock’s Securities and Exchange
Commission (“SEC”) reports and those identified elsewhere in this report the following
factors, among others, could cause actual results to differ materially from forward-looking
statements or historical performance: (1) the introduction, withdrawal, success and timing
of business initiatives and strategies; (2) changes and volatility in political, economic or
industry conditions, the interest rate environment, foreign exchange rates or financial and
capital markets, which could result in changes in demand for products or services or in the
value of assets under management; (3) the relative and absolute investment performance of
BlackRock’s investment products; (4) the impact of increased competition; (5) the impact of
capital improvement projects; (6) the impact of future acquisitions or divestitures; (7) the
unfavorable resolution of legal proceedings; (8) the extent and timing of any share
repurchases; (9) the impact, extent and timing of technological changes and the adequacy of
intellectual property protection; (10) the impact of legislative and regulatory actions and
reforms, including the recently approved Dodd-Frank Wall Street Reform and Consumer
Protection Act, and regulatory, supervisory or enforcement actions of government agencies
relating to BlackRock, Barclays Bank PLC, Bank of America Corporation, Merrill Lynch &
Co., Inc. or The PNC Financial Services Group, Inc.; (11) terrorist activities, international
hostilities and natural disasters, which may adversely affect the general economy, domestic
and local financial and capital markets, specific industries or BlackRock; (12) the ability to
attract and retain highly talented professionals; (13) fluctuations in the carrying value of
BlackRock’s economic investments; (14) the impact of changes to tax legislation and,
generally, the tax position of the Company; (15) BlackRock’s success in maintaining the
distribution of its products; (16) the impact of BlackRock electing to provide support to its
products from time to time; (17) the impact of problems at other financial institutions or the
failure or negative performance of products at other financial institutions; and (18) the
ability of BlackRock to integrate the operations of Barclays Global Investors.
BlackRock’s Annual Reports on Form 10-K and BlackRock’s subsequent filings with the
SEC, accessible on the SEC’s website at http://www.sec.gov
and on BlackRock’s website at
discuss these factors in more detail and identify additional
factors that can affect forward-looking statements. The information contained on our
website is not a part of this press release.