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EDF Trading Responds to Press Report Over Interest in Buying Bank's Physical Commodity Business EDF Trading, a wholly-owned subsidiary of EDF S.A., issued the following comment in response to a statement made in today's Financial Times about it being interested in JPMorgan Chase & Co.'s physical commodity assets, as JPMorgan announced it is seeking a sale or other strategic alternative for the physical commodity business.
"EDF Trading would like to emphasise [sic] that no decision has been made as to whether or not it is interested in acquiring any of JP Morgan's physical commodity assets. No discussions have taken place and it has not expressed an interest."
The Financial Times had quoted an executive of an EDF Trading North American subsidiary as being "very interested" in examining, "all aspects of the JPMorgan portfolio in the physical commodities space."
Last week, JPMorgan Chase & Co. announced that it had concluded an internal review and is pursuing "strategic alternatives" for its physical commodities business, including its remaining holdings of commodities assets and its physical trading operations.
"To maximize value, the firm will explore a full range of options over time including, but not limited to: a sale, spin off or strategic partnership of its physical commodities business. During the process, the firm will continue to run its physical commodities business as a going concern and fully support ongoing client activities," JPMorgan had said.
"Following the internal review, J.P. Morgan has also reaffirmed that it will remain fully committed to its traditional banking activities in the commodity markets, including financial derivatives and the vaulting and trading of precious metals. The firm will continue to make markets, provide liquidity and offer advice to global companies and institutions that have, for years, relied on J.P. Morgan's global risk management expertise," JPMorgan had said.
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July 30, 2013
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Reporting by Paul Ring • ring@energychoicematters.com
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