| Sourced From Bloomberg.com |
Sept. 14 (Bloomberg) –JPMorgan Chase & Co. offered 122.9 million pounds ($203 million) for EcoSecurities Group Plc, topping a rival bid and signaling broader interest in trading pollution credits as the U.S. weighs a cap-and-trade program.
EcoSecurities, manager of the most emission projects overseen by the UN, rose as much as 12 percent in London trading after Carbon Acquisition Co., a wholly owned unit of New York- based JP Morgan, offered 100 pence a share in cash. That exceeds the 90 pence offered by EcoSecuritiess former president and would be the most paid for an emissions-trading specialist.
JPM Morgan is the fourth company this year to consider a takeover of Dublin-based EcoSecurities, whose stock has tripled since the start of the year. The interest from suitors including Electricite de France SA and Swedens Tricorona AB may show the long-term viability of emissions trading, said New Energy Finance analyst Aimie Parpia. The bid comes three months after a joint venture of Societe Generale SA paid an undisclosed amount for OneCarbon International BV to tap U.S. demand.
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