Brussels, 25/08/2014 (Agence Europe) - On Monday 25 August, the European Commission gave approval to the acquisition of sole control of the physical commodities trading business of JP Morgan Chase & Co. (JPM) of the USA, by Mercuria Energy Group Limited (Mercuria) of Cyprus..
Mercuria is active in the trading of energy products, including crude oil and refined petroleum products, natural gas (including LNG), power, coal, biodiesel, vegetable oils and carbon emissions. Mercuria also provides storage facilities for petroleum products. JPM's commodities business (JP Morgan Commodities) comprises its activities in the physical trading of crude oil and petroleum products, natural gas, thermal coal, power, emission rights and various base metals. It also provides warehousing services with respect to exchange-traded base metals.
The Commission concluded that the proposed acquisition would not raise competition concerns because the overlaps between the parties' activities and increments in market shares brought about by the transaction are limited, and due to the presence of a number of strong players remaining on the markets after the merger. (EL)