KKR, Highbridge Co-Founder Bid For JPMorgan Commodities Biz.

Dec 13 2013 | 1:08pm ET

Kohlberg Kravis Roberts and Highbridge Capital Management co-founder Glenn Dubin are making a run at JPMorgan Chase's physical commodities business.

The private-equity giant and Castleton Commodities International—the former Louis Dreyfus Highbridge Energy, acquired by Dubin and others, including Tudor Investment Corp. founder Paul Tudor Jones last year—are working together on a bid for the business, which JPMorgan has valued at $3.3 billion. KKR and Castleton are among about 20 initial bidders for the business, which includes eight divisions.

Whoever buys the commodities business will have to assume its liabilities. JPMorgan is said to want a final deal announced by the end of the year.

Dubin stepped down from Highbridge in July, although he remains the hedge fund's chairman. Highbridge is owned by JPMorgan Chase.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

Business Insider has been reporting on the unusual trading activity of a mystery trader who placed a profitable short equity bet to the tune of $21 million on the Aug. 10 move in the CBOE Volatility Index (VIX).