The European Commission Wednesday cleared asset management company BlackRock Inc. (BLK) to buy Barclays Global Investors from U.K. bank Barclays PLC (BARC.LN).

The $13.5 billion deal will create one of the world's largest investment funds, with almost $3 trillion in assets. The combined companies will be called Black Rock Global Investors.

-By Adam Cohen, Dow Jones Newswires; +322 741 1486; adam.cohen@dowjones.com