Macquarie Group is reportedly considering a bid of up to $2 billion for JPMorgan’s physical commodities business.
According to CNBC, the shortlist of bidders includes the private-equity firm Blackstone Group and the Australian bank Macquarie Group.
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JPMorgan executives are hoping to make a decision on the sale before the month’s end based on the assets sold.
The sale comes after a regulatory clampdown on JPMorgan and other firms, and includes physical commodities assets such as a global metal warehouse network, energy supply agreements and power plants.
JPMorgan’s CFO Marianne Lake said the bank was only selling the parts of the business that are the most capital-intensive for them.
JPMorgan has estimated the sum of its physical commodities holdings at about US$3.3 billion in the initial sale documents, but any transaction is unlikely to include the sale of the holdings in their entirety to one bidding party.
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By GlobalDataJPMorgan’s chief executive Jamie Dimon said he was pleased the company had decided to accept responsibility, resolve these issues and move forward.
