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J.P. Morgan agrees to buy MF Global's LME shares - KPMG

KPMG reports that J.P. Morgan will buy all of defunct U.S. brokerage MF Global's shareholding in the London Metal Exchange.

Posted: Thursday , 24 Nov 2011

LONDON (Reuters) - 

J.P. Morgan has agreed to buy all of defunct U.S. brokerage MF Global's shareholding in the London Metal Exchange, KPMG, the administrators for MF Global's UK unit, said on Wednesday.

"We received a great deal of interest in the LME shares and are pleased to be in the final stages of concluding a sale," Richard Heis, joint special administrator of MF Global UK, said.

He did not give a price for the sale. Reuters reported on Tuesday that J.P. Morgan would pay 25 million pounds ($39 million).

"The sales process for various aspects of the MF Global UK business continues apace and we are in negotiations with several parties to this end."

He also said KPMG had prepared a timeline for the return of client assets and funds.