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Bear close to announcing sale to JPMorgan-source

Sun Mar 16, 2008 5:50pm EDT

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NEW YORK, March 16 (Reuters) - Bear Stearns Cos Inc BSC.N hopes to announce a deal this evening to sell itself to JPMorgan Chase & Co (JPM.N), a person familiar with the matter said on Sunday, in a deal that would rescue the fifth-largest U.S. investment bank.

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The deal has not been signed yet, the person said, speaking on condition of anonymity.

Bear Stearns said on Friday it had secured emergency funding from the Federal Reserve, via JPMorgan, after a run on the bank. (Reporting by Dan Wilchins; Editing by Tim Dobbyn)

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