JPMorgan in talks to acquire an additional part of RBS Sempra, news report claims

28 September 2010

JPMorgan Chase is currently in talks with the Royal Bank of Scotland (RBS) over the acquisition of RBS Sempra Commodities, a newspaper report has claimed.

According to the Financial Times, which cited unnamed sources, the financial services provider is believed to be the favourite out of potential bidders to purchase the gas and power unit belonging to the North American-based RBS business.

JPMorgan Chase acquired the oils, metals, coal and European power part of the firm earlier in the year for $1.6 billion.

A spokesman for RBS told the newspaper: “A number of parties have expressed interest in acquiring the remaining assets of our RBS Sempra Commodities joint venture.”

France’s financial services provider Societe Generale is also thought to be among those parties interested in purchasing the unit.

Neither of the two banks have issued a comment in relation to the FT’s report.

RBS recently announced the sale of Sempra Commodities business to Noble Americas Gas and Power Corporation for an estimated $317 million.

The deal also involved the acquisition of $265 million worth of debt as part of the transaction.

By Jim Ottewill

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