French engineering company Schneider Electric SA (SCHN.PA) has delayed the roughly $1.4 billion auction of its sensors business because of turbulence in financing markets, people familiar with the matter said. Schneider, which hired JPMorgan Chase (JPM.N) to sell its Custom Sensors & Technologies subsidiary, had initially planned to start the auction in late August or after the U.S. Labor Day in early September, sources told Reuters previously. But Schneider has postponed the process by at least several weeks as the volatile financing markets has made it harder and more expensive to complete deals for private equity buyers, which have shown strong early interest in the unit, the people said familiar with the matter said. Private equity buyouts are typically financed with leveraged loans and high-yield bonds, which carry some of the highest interest rates and often are among the first financing to be withdrawn when credit tightens.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM remained unchanged at $33.43. In the past year, the shares have traded as low as $31.21 and as high as $48.36. On average, 42648200 shares of JPM exchange hands on a given day and today's volume is recorded at 93423.
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