Key Developments For JPMorgan Chase & Co
JPMorgan Chase & Co (JPM) (NYSE Arca)
JPMorgan Chase & Co. Lands Cazenove Group plc In $1.7 Billion Buyout-Reuters
Reuters reported that JPMorgan Chase & Co. is beefing up its European investment bank by buying the half of Cazenove Group plc it does not already own in a deal valuing the Cazenove at GBP2 billion ($3.4 billion). The deal will see David Mayhew remain Chairman of JPMorgan Cazenove and Chief Executive Naguib Kheraj overseeing the integration in a short-term role. JPMorgan bought half of Cazenove five years ago to create a UK investment banking joint venture, and as expected took up the option to complete the deal on Thursday. JPMorgan Cazenove will continue to operate under that name and become a wholly owned part of the U.S. bank's UK investment bank arm. JPMorgan will pay 535 pence per Cazenove share, valuing the 50% stake at GBP1 billion ($1.7 billion) and all of Cazenove at double that.
JPMorgan Chase & Co. Set To Seal Cazenove Group plc Deal On Thursday-Reuters
Reuters reported that JPMorgan Chase & Co. is likely to seal its purchase of the half of Cazenove it does not own for just under GBP1 billion ($1.7 billion) on Thursday. JPMorgan is expected to pay about 500 pence per Cazenove share valuing the 50% stake at GBP940 million and all of the Company at double that. JPMorgan bought half of Cazenove five years ago and created the JPMorgan Cazenove joint venture.
JPMorgan Chase & Co. To Bid Over 500 Pence For Cazenove Stake-Reuters
Reuters reported that, according to a report in the Sunday Telegraph, JPMorgan Chase & Co. will offer 500-525 pence per share to buy out the remaining 50% stake in stockbroker Cazenove. The deal, which is expected to be signed in the next few weeks, values the Queen's stockbroker at close to GBP2 billion pounds ($3.32 billion), according to figures close to the deal. Cazenove was valued at GBP700 million when JP Morgan bought 50% of the group in a deal in 2004.
JPMorgan Chase & Co. Faces New Suit In Alabama County’s Woes-NYT
The New York Times reported that on Friday, Jefferson County sued JPMorgan Chase & Co., seeking additional relief on $3.2 billion in county sewer bonds the bank helped underwrite. Under the previous settlement, the county will receive $50 million and will not have to pay the bank $650 million in fees. The county, which includes Birmingham, accused JPMorgan of fraud and conspiracy in selling it several packages of debt and derivatives known as interest rate swaps that 'provided no value to the county or its citizens, and created an inherently flawed financial structure that imploded within just a few years.' Under the settlement with the Securities and Exchange Commission, announced earlier this month, the Company did not admit any wrongdoing. In its new lawsuit, against JPMorgan Chase, its securities division and others, the county cited many of the same details in the S.E.C. complaint, but asked the court to order JPMorgan and others to produce the supporting documents. The commission has extensively investigated Jefferson County’s financial debacle but has not shared its evidence, as a matter of policy. The complaint said two employees of the Company’s securities division, Charles E. LeCroy and Douglas W. MacFaddin, worked out a deal to pay rivals 'to stay out of the deal.'
JPMorgan Chase & Co. Announces Delay of Third Quarter Financial Result Report for FY Ending December 2010
JPMorgan Chase & Co. announced that it will not be able to meet the regulatory filing deadline of the third quarter financial result report for the fiscal year ending December 2009. The Company delayed the third quarter results report, which was supposed to release the report on November 16, 2009, due to the translation work of the report's Japanese version. The Company will release the third quarter results report to Ministry of Finance Japan, on December 9, 2009.
