Last March, the deal was initially valued at $3.5bn, but Reuters reported that International trader Mercuria has decided to buy less of the metals and oil in JP Morgan’s inventories.10-year-old company International trader Mercuria will expand into metals and North American markets. Chief executive, Marco Dunand, said: “It has been our goal to develop a global energy-focused commodities group and this acquisition brings that vision to reality.”
International trader Mercuria's core business is trading crude and refined petroleum products, including biofuels, LNG, coal and other dry bulk commodities. JP Morgan’s employees will be transferred to Mercuria’s trading hubs in London, Connecticut, Houston and Singapore.
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