JPM to Buy MF Global's Stake in the London Metals Exchange

JP Morgan to buy MF Global stake in LME
By Douwe Miedema
LONDON Tue Nov 22, 2011 9:55am EST


(Reuters) - U.S. investment bank J.P. Morgan (JPM.N) is set to announce it has bought a 4.7 percent stake in the London Metal Exchange for 25 million pounds ($39.1) from defunct U.S. brokerage MF Global, a person familiar with the situation said.

An announcement could come as early as this week, the source said.

J.P. Morgan and the LME declined comment.

KPMG, the administrators for MF Global's UK unit, could not immediately be reached for comment.