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Golden Minerals is a junior silver producer with a strong growth profile, listed on both the NYSE Amex and TSX.

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vhf

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JPM Outbids For Commodities Trader

posted on Jan 22, 2010 11:54AM

For some reason, the infamous J.P. Morgan Chase is outbidding some heavy hitters to acquire commodities trader RBS Sempra. This seems to be out of character for the usually quite frugal Jamie Dimon. Something is definitely up with JPM and commodities but it remains to be seen if the plan is to increase their short positions or reverse and go long with this likely acquisition. Who knows, perhaps RBS Sempra has a nice vault full of physical silver somewhere that is most attractive.

Nice rebound - VHF

JP Morgan closes in on RBS Sempra

JP Morgan is understood to be in exclusive talks to acquire RBS Sempra, the commodities trader jointly owned by the state-backed Royal Bank of Scotland.

Published: 6:15AM GMT 21 Jan 2010

The Telegraph

It has reportedly seen off competition from Deutsche Bank and Macquarie to enter exclusive talks to buy the business for an estimated £2.5bn.

RBS was ordered to sell the business as part of a condition of state aid. A deal would make JP Morgan one fo the world's top four commodities traders.

JPMorgan, Deutsche Bank and Australia's Macquarie had each submitted offers worth nearly $4bn for the RBS Sempra unit by an early January deadline.

JPMorgan and Deutsche Bank were seen as the frontrunners, but the latter was no longer in the running, sources said yesterday.

JPMorgan was willing to pay a higher price for the business, Reuters reported, although details of the likely purchase price were not immediately known.

One source said RBS was also keen for a quick transaction and due diligence process.

RBS Sempra is 51pc-owned by Royal Bank of Scotland, which has been forced by European regulators to sell its stake. Sempra Energy is also set to sell its 49pc stake.