JPMorgan Chase & Co raised $800 million from the sale of its physical commodities unit to trader Mercuria, about a quarter of the initial valuation as the transaction excluded some oil and metal stockpiles and other assets, sources close to the deal said.Announced last March, the deal was originally valued at $3.5 billion, but the price turned out to be lower because Mercuria bought less of the metals and oil in JPMorgan's inventories, the sources said.JP Morgan also excluded its oil supply agreement with a major Philadelphia refinery, which it is likely to transfer to Bank of America Corp, sources said.JPMorgan also decided against selling to Mercuria its metals trading business, sources said, without giving the reason why such a decision was taken.
Bank of America Corporation (Bank of America) is a bank holding company, and a financial holding company. Shares of BAC traded higher by 2.04% or $0.345/share to $17.22. In the past year, the shares have traded as low as $13.68 and as high as $18.03. On average, 74928000 shares of BAC exchange hands on a given day and today's volume is recorded at 75489224.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM traded higher by 2.26% or $1.33/share to $60.17. In the past year, the shares have traded as low as $50.25 and as high as $61.85. On average, 13025000 shares of JPM exchange hands on a given day and today's volume is recorded at 9056887.
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