Monday, 27 February 2017
Last updated 2 days ago
Dec 13 2013 | 12:08pm 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.