Bank of America Corp. is offering at least 34.5 million shares it holds in the money manager BlackRock Inc., while fellow part-owner PNC Financial Services Group Inc. is selling up to 7.5 million shares, BlackRock said Wednesday.

B of A may sell another 6.3 million shares in the overallotment option, which would put its total sale at a value of $7.06 billion, according to Tuesday's closing price.

With the PNC shares, a total of $8.36 billion of BlackRock's shares, as of Tuesday's close, could be sold when the deal is priced, expected next week.

B of A inherited its one-third stake in BlackRock through its purchase of Merrill Lynch during the financial crisis. It had been previously reported that the bank was looking to shed the stake as it tries to reduce exposure to outside risks and concentrate on its crucial businesses.

PNC's economic interest in BlackRock, including preferred equity and common shares, will decrease to 20.3%. PNC holds 24.3% of BlackRock preferred shares. A PNC spokesman said the Pittsburgh company considers its stake in BlackRock to be "a key component" of its revenue strategy but that it saw the sale as a chance to adjust its risk slightly.

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