JPMorgan Snags LME Stake From MF Global

Law360, New York (November 22, 2011, 3:31 PM EST) -- JPMorgan Chase & Co. reportedly has reached a deal to buy a 4.7 percent stake in the London Metal Exchange from bankrupt broker MF Global Holdings Ltd.

Under the terms of the deal, JPMorgan will pay MF Global's overseas administrator, KPMG LLP, about £25 million ($39.1 million) for the piece of LME, the world's largest metal market, according to news reports Tuesday.

Representatives for JPMorgan and KPMG did not confirm the deal, but unnamed sources told Reuters and the Wall Street Journal that an agreement had...
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