JPMorgan Closes Sales Of Physical Commodities Assets To Mercuria Energy

(RTTNews) - JPMorgan Chase & Co (JPM) Friday completed the sale of parts of its physical commodities business to Mercuria Energy Group Ltd. In addition to completing the all-cash transaction with Mercuria, JPMorgan agreed to sell to other buyers physical commodity assets that had originally been included in the Mercuria transaction.

Reflecting the completed sale to Mercuria as well as the asset sales with other parties, JPMorgan will have sold or liquidated substantially all of the physical commodity assets that had been part of the original $3.5 billion deal with Mercuria.

The after-tax impact of J.P. Morgan's various sales is not expected to have a material impact on the firm's earnings.

J.P. Morgan will continue to be an active participant in the commodities markets, providing traditional banking activities including: financing, derivatives, LME warrant trading, the vaulting and trading of precious metals, liquidity and risk management, and offering advice to global companies and institutions.