A bankruptcy judge on Wednesday gave Lehman Brothers initial approval to sell key North American businesses to Barclays for $1.7 billion in cash.
The approval came just two days after Lehman Brothers Holdings Inc. (LEH, Fortune 500) filed the biggest bankruptcy in U.S. history.
The judge's approval sets in motion the asset sales but leaves open the possibility of a competing bid. Lehman plans to seek final court approval Friday.
British bank Barclays (BCS) said Tuesday that it would buy Lehman's investment banking and capital marketsbusinesses for $250 million in cash, as well as Lehman's New York headquarters and two data centers in New Jersey for an additional $1.5 billion.
http://money.cnn.com/2008/09/17/news/companies/lehman_bankruptcy.ap/index.htm
My Response: This is a perfect example of direct foreign investment. Barclay is one of the largest bank in the UK, and has now had the approval to buy key businesses from Lehman Bros. This was a smart play on Barclays part because they brought out their competition, and now has control of Lehmans headquaters in New York and databases in New Jersey.
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