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.
"'I beg you, father, send Lazarus to my family, for I have five brothers. Let him warn them, so that they will not also come to this place of torment.’ Abraham replied, ‘They have Moses and the Prophets; let them listen to them.’ No, father Abraham,’ the rich man said, ‘but if someone from the dead appears to them, they will repent.’ And Abraham said, ‘If they do not listen to Moses and the Prophets, they will not change and repent, even if someone were to rise from the dead.’” Luke 16:27-31