The intensity of demand for RBS Sempra Commodities, the trading business being sold by Royal Bank of Scotland, is another signal that a new commodity bull run may be on the way.
JP Morgan is reported to have entered exclusive talks with RBS to buy its 51% stake in the two year old joint venture with Sempra Energy of San Diego, leaving Deutsche Bank and Macquarie out of the running. A price tag of $4bn is repeatedly mentioned.
However, no party involved will comment officially or confirm what is going on. Newspaper reports have all quoted unnamed sources and contradict each other as to whether JP Morgan is paying $4bn for the whole business including Sempra’s 49% share; whether $4bn is the price just for the RBS...