JP Morgan buys UBS’ Canadian energy and ags businesses

JP Morgan has agreed to buy all of the Canadian-based commodities energy business through a purchase of the shares in UBS Warburg Energy Holdings, a wholly owned holding company. JP Morgan will also acquire UBS's global agricultural business. The transaction is expected to close during the first quarter of 2009.

UBS announced in October that it plans to reprioritize its business portfolio and as part of this, is exiting all of its commodities businesses, apart from precious metals and index and e