NEW YORK (AP) -- A person briefed on talks between Barclays PLC and Lehman Brothers Holdings Inc. says the British bank has agreed to buy at least some investment banking and trading operations of the securities firm.
An announcement of the deal to buy all or part of those businesses will be announced as early as Tuesday afternoon, the person said. He spoke on condition of anonymity because a final agreement had yet to be reached.
The person confirmed media reports that Barclays President Robert Diamond has addressed Lehman investment bankers to inform them of his company's intentions.
Lehman filed for Chapter 11 bankruptcy protection on Monday. Barclays withdrew from weekend talks to rescue Lehman through an outright acquisition.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Questions may be sent to email@example.com. Please provide detailed information.