CORRECTED – JP Morgan changes terms of RBS Sempra buy

(Corrects paragraphs 1, 3 and 8 to show that story is
attributed to energy news service SparkSpread, not Spark

* JP Morgan wants Sempra’s non-U.S. assets – report

* RBS says “constructive” talks still under way

* RBS Sempra CEO resigns – report

LONDON, Jan 31 (BestGrowthStock) – JPMorgan Chase (JPM.N: ) only
wants the non-U.S. operations of RBS Sempra, Royal Bank of
Scotland’s (RBS.L: ) commodities unit, having previously entered
talks to buy the whole business, energy news service
SparkSpread reported.

The change comes after the U.S. government earlier this
month proposed tough new rules for the banking sector which
would prevent lenders from running their own trading

JP Morgan and RBS are now discussing a deal under which RBS
would sell its 51 percent stake in RBS Sempra’s U.S. operation
back to Sempra Energy, its partner in the joint venture,
SparkSpread said.

That would leave JP Morgan clear to buy the unit’s European
operations, the publication added, citing unnamed industry

An RBS spokesman said “constructive discussions” regarding
the sale of RBS Sempra were still under way, but declined to
comment further.

RBS Sempra is among the assets that RBS, 84 percent
state-owned after a series of taxpayer-funded bailouts, was
ordered to sell to comply with European Union state aid rules.

JP Morgan entered exclusive talks to buy the business,
expected to fetch about $4 billion, around Jan. 20.

SparkSpread also reported that RBS Sempra Chief Executive
Kaushik Amin resigned on Friday, and had been replaced by
co-chief executives Mike Beck and Michael Goldstein.

Stock Market Today

(Reporting by Myles Neligan, editing by Martin Golan)

CORRECTED – JP Morgan changes terms of RBS Sempra buy