LONDON (Reuters) - Royal Bank of Scotland (RBS.L) and Sempra Energy (SRE.N) are set to reach a deal to sell the non-U.S. assets of their commodities joint venture to JP Morgan Chase & Co (JPM.N) for around $1.7 billion (1.1 billion pounds), a person familiar with the matter said. The source said a deal with the U.S. bank could be finalised as early as Tuesday. Talks continue on the remaining assets, notably U.S. power and gas businesses. Sempra Energy owns 49 percent of RBS Sempra, and RBS owns the remaining 51 percent. RBS, 84-percent owned by the UK government, has been forced to sell a string of assets including its stake in joint venture RBS Sempra to appease European Union antitrust concerns after it received billions in state aid during the financial crisis. JP Morgan had been in exclusive talks to buy all of RBS Sempra, but U.S. plans to stop proprietary trading by banks prompted it to rethink its plans. RBS declined to comment and JPMorgan had no immediate comment. (Reporting by Steve Slater and Clara Ferreira-Marques; Editing by Erica Billingham) |
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