JPMorgan nearing deal for commodity unit sale

The announcement of a sale to Geneva-based Mercuria Energy Trading could come within the next week, reports CNBC. Mercuria had entered exclusive negotiations with JPMorgan (JPM +1.9%) about  month ago after beating out dozens of other suitors.

Mercuria is expected to buy nearly all of JPMorgan's physical assets, leaving only a handful of power plants that were already on track to be sold before Mercuria entered the picture.

"You've got lower revenue, higher costs, you put those things together, it's not conducive to staying in the business," says finance professor Craig Pirrong, summing up the Bank of Dimon's reason to sell.

Comments (9)
  • The Long Tail of Finance
    , contributor
    Comments (1804) | Send Message
    Bank of Dimon's ? What's that?
    4 Mar 2014, 04:57 PM Reply Like
  • The Retired one
    , contributor
    Comments (185) | Send Message
    Bank of Dimon's ?
    I was thinking the same question.
    I can only think maybe they meant // Jamie Dimon???
    4 Mar 2014, 05:11 PM Reply Like
  • The Retired one
    , contributor
    Comments (185) | Send Message
    JUst wanted to know if this Bank of Dimon's ? comment meant they meant the notorious Jamie Dimon?
    4 Mar 2014, 05:13 PM Reply Like
  • FrancisAdams
    , contributor
    Comments (2) | Send Message
    The Retired One, even if it meant the notorious Jamie Dimon, the term does not do justice to the item. Play on words is fine, but isn't this a serious business-related site, promising authentic news to its readers? I am sure there will be several readers of this article who could be asking what "The Long Tail of Finance" has commented: "Bank of Dimon's ? What's that?" The writer and editors of this news item could have sacrificed smartess for the sake of simplicity, such as: "summing up the bank's reason for the commodity unit sale" instead of "summing up the Bank of Dimon's reason to sell"
    5 Mar 2014, 07:05 AM Reply Like
  • Edward Ulysses Cate
    , contributor
    Comments (80) | Send Message
    Other than the figurehead of Mercuria that spent time at Philbro, you now have another 'private' company controlling vast commodities. Like the old 1889 book, "The Great Red Dragon", the goal is "to own the earth in fee-simple." The creeps are still creepin' towards that goal.
    4 Mar 2014, 05:56 PM Reply Like
  • marketnews09
    , contributor
    Comments (116) | Send Message
    Jamie Dimon, brilliant! Bar none. Unfortunately we have elected reps who don't know their butt from a hole in the ground.
    I personally think that Jamie is looking into the future and what is happening now with all of the spending is going to be a negative when this market takes a tip. For any of you who think that this administration isn't dismantling this country, you are wearing blinders.
    someone has to be in control when it comes to business. Someone has to look for the future of the company and the future of their employees. With all the regulations, you are handcuffing smart management. The policians are the crooks.
    4 Mar 2014, 06:46 PM Reply Like
  • deercreekvols
    , contributor
    Comments (9849) | Send Message
    I believe the reference of "bank of Dimon's" is to JPM CEO Jamie Dimon.


    Wish he would address the over $30B in fines JPM has suffered under his watch. Just part of doing business?
    4 Mar 2014, 07:23 PM Reply Like
    , contributor
    Comments (10812) | Send Message
    "leaving only a handful of power plants that were already on track to be sold"


    What the heck is JPM doing owning power plants?


    Here's a list of some of the NON BANK stuff they own....go figure. How can anyone manage something like this?



    Let's see.....they have what exact expertise in running power plants?
    5 Mar 2014, 02:29 AM Reply Like
    , contributor
    Comments (10812) | Send Message
 information on the degree, if any, to which JPM is involved in ownership of Mercuria a Swiss entity?
    5 Mar 2014, 02:47 AM Reply Like
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