UBS sells some commodities businesses to JP Morgan

ZURICH, Dec 22 (Reuters) - UBS (UBSN.VX) has sold some of its non-strategic commodities businesses to J.P. Morgan for an undisclosed amount, the Swiss bank said on Monday.

J.P. Morgan had bought all of the Canadian-based commodities energy business, Canadian Energy, from UBS's investment bank by purchasing shares in UBS Warburg Energy Holdings, UBS said in a statement.

J.P. Morgan is also buying UBS's Global Agricultural Commodities business.

The transaction is expected to close during the first quarter of 2009.

The move comes after UBS said in October that the investment bank would focus on client franchises in the securities and advisory businesses, while reducing its activities and exiting certain business activities.

"As part of this, the investment bank is exiting all of its commodities businesses, with the exception of precious metals and the index and exchange-traded commodities activities," UBS said.

The bank said it was also in discussions with other third-parties regarding the sale of other parts of its non-strategic commodities businesses. (Reporting by Katie Reid; Editing by Hans Peters)