Louis Dreyfus Group and a unit of JPMorgan Chase & Co have agreed to sell their jointly owned energy trading business to two investor groups, the companies said on Thursday.The deal underlines intensifying upheaval among the middle ranks of the world's commodity traders, coming just a day after private equity giant Carlyle Group LP shook up the sector with the purchase of a leading hedge fund.Separately, Morgan Stanley's commodity trading division appears to be closing in on a deal to spin itself out from the bank, which is facing tough new regulations that threaten to curtail bonuses and limit physical trade. It may now sell a majority stake in the unit to the Qatar Investment Authority, more than the minority stake earlier discussed, the Financial Times reported.While industry giants like Glencore and Vitol have maintained their status quo, the ranks of a dozen or so mid-tier firms have been jolted by a series of acquisitions, start-ups and ownership changes that are dramatically altering the competitive landscape.
The Carlyle Group L.P. is a global alternative asset management firm. Shares of CG fell by 0.16% or $-0.04/share to $25.60. In the past year, the shares have traded as low as $20.00 and as high as $27.90. On average, 131098 shares of CG exchange hands on a given day and today's volume is recorded at 155898.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 0.59% or $0.24/share to $40.86. In the past year, the shares have traded as low as $28.28 and as high as $46.49. On average, 27800100 shares of JPM exchange hands on a given day and today's volume is recorded at 22421112.
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