J.P. Morgan close to sale of physical commodities assets to Mercuria - MarketWatch
J.P. Morgan Chase & Co. is close to announcing it has sold parts
of its physical commodities business to Swiss trader Mercuria Energy
Group Ltd. for under $1 billion, according to a person familiar with the
matter.
The deal, expected to close as soon as Thursday,
carries a much smaller price tag than originally announced, as certain
deals within the business will now be sold separately to other buyers.
J.P. Morgan
JPM, -0.61%
still intends to exit the
physical commodities business entirely, but it is expected to announce
that a few of the arrangements related to the business will no longer be
included in the Mercuria deal, the person said. J.P. Morgan still
expects to get $3.5 billion overall once the proceeds from the sales of
the individual projects are added to those from the Mercuria sale,
according to this person.
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