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Macquarie Still In Running For RBS Sempra
Despite the suggestion that JP Morgan has emerged as the preferred bidder for RBS Sempra, the commodity trading joint venture of RBS and Sempra Energy, Macquarie group still remains in the running, after negotiations with JP Morgan hit a road block at the weekend.
The commodity trading joint venture, thought to be valued at approximately $4.3 billion, was put up for sale after RBS received a bailout from the British government, which resulted in the EU demanding the sale of its non core banking assets.
Earlier in the month, it became clear that JP Morgan had emerged as the front running bidder, having trumped rival bids from Macquarie and Deutsche Bank.
JP Morgan is reportedly baulking at the prospect of having to also acquire the US trading operations of the business, and that reticence has resulted in negotiations stalling, according to a report in The Australian.
JP Morgan’s reluctance to acquire the US business is in large part a direct consequence of US president Barack Obama’s new set of proposals released last week, which will regulate the proprietary trading activities of deposit taking banks.
It is thought JP Morgan lost interest in buying a trading business that would expose it to a greater regulatory burden. Speculation however remains that whilst Sempra Energy could continue to own the US business, JP Morgan would then move to buy the European operations.
Macquarie is reportedly still very keen to acquire the commodity trading business, which would give it a significant presence in the space.
The sale is expected to attract a price tag of at least $4.3 billion for the whole business.
For its part, the investment banking group has so far refused to comment, but a deal of that size would be one the largest transactions Macquarie has engaged in.
Macquarie raised $1.5 billion in May last year through a capital issue that helped it amass a $4.5 billion war chest.
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