Seeking Alpha

Reuters: JPMorgan in exclusive talks with Mercuria on commodities sale

  • Trading house Mercuria, led by two former Goldman Sachs execs, has become the front-runner to buy the physical commodities unit of JPMorgan (JPM +0.5%), according to Reuters.
  • Mercuria reportedly had been competing with Macquarie and Blackstone (BX) to buy the JPMorgan unit.
  • JPM has valued its physical commodity business at $3.3B, but the deal value likely will depend on the valuation of large stockpiles of oil and metals the bank holds.
  • A final deal could take a few months to conclude, but a successful outcome would vault Mercuria into the top tier of trading houses with Glencore Xstrata, Vitol and Trafigura.
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