AP Source: JP Morgan buys LME stake from MF Global

AP News
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Posted: Nov 22, 2011 5:49 PM
AP Source: JP Morgan buys LME stake from MF Global

A person familiar with the deal says J.P. Morgan is buying a stake in the London Metal Exchange from MF Global Holdings.

J.P. Morgan Chase & Co. is paying 25 million pounds ($39.1 million) for a 4.7 percent slice of the London Metal Exchange. That's according to a source with knowledge of the deal who spoke only on condition of anonymity.

J.P. Morgan already has a 6.2 percent stake in the London Metal Exchange.

MF Global filed for bankruptcy protection on Oct. 31 after making a disastrous bet on European debt.