Sheikh Mansour sells Barclays share

11 October 2010

Sheikh Mansour bin Zayed al-Nahyan, a member of Abu Dhabi’s royal family who helped bailout Barclays during the financial crisis, has sold his share in the bank.

A statement from PCP3, an investment vehicle connected with the investor, who also owns Manchester City Football Club, revealed that it had completed a derivatives deal involving the shares.

Investment bank Nomura is selling the 220 million shares on behalf of PCP3 at a price ranging from 290p to 295p each.

PCP3’s remaining 131.6 million shares in Barclays will be exercised into stock by the firm.

The release from PCP3 said: “The exercise and hedging mark the final completion of a strategy that locks in a significant gain on Barclays PLC shares for PCP3 while retaining further upside.

“PCP3 will seek to continue to maintain a close commercial and strategic relationship with Barclays in the future."

Sheikh Mansour was one of a number of investors from the Middle East who used their capital to prop up Barclays during the global credit crisis.

By Jim Ottewill

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