JP Morgan buys UBS' Canadian energy and ags businesses

UBS is to sell its Canadian energy operations and global agricultural commodities businesses to JP Morgan. Terms of the acquisitions, which are expected to close during the first quarter of 2009, were not disclosed.

UBS Commodities Canada will become an indirect wholly-owned subsidiary of JP Morgan, allowing JP Morgan to expand its presence in the Canadian natural gas, power and crude oil physical and financial markets. JP Morgan's Calgary office will be run by Brian Cumming, most recently based

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