Bloomberg News

Goldman Sachs, JPMorgan Raise London Metal Exchange Stakes

October 26, 2011

(Adds LME, Goldman, JPMorgan response in fifth paragraph.)

Oct. 26 (Bloomberg) -- Goldman Sachs Group Inc. and JPMorgan Chase & Co. raised holdings in the past year in the London Metal Exchange, the 134-year old bourse that’s facing a possible takeover.

Goldman increased its stake in LME Holdings Ltd. by 330,000 ordinary shares to 1.23 million shares as of Sept. 26, according to filings with the U.K.’s Companies House. JPMorgan owned 800,000 shares compared with 550,000 shares a year earlier, while ScotiaMocatta transferred 30,000 shares in the period to leave the company with no shares, the filings show.

The LME, which handles 80 percent of global trade in metals futures, told members last month that it would begin a process that may lead to “an acceptable offer for the company being received.” Any sale would take at least until the end of the second quarter to complete, Martin Abbott, chief executive officer, said earlier this month. The bourse operates London’s last open-outcry transactions in which traders shout out orders.

The exchange issues two share classes. Ordinary shares confer ownership and 330,000 of them traded at 4.925 pounds ($7.89) in July, according to data on the bourse’s website. B shares exchanged hands at 85.425 pounds on Sept. 27. Neither shares trade on an exchange.

LME spokeswoman Miriam Heywood declined to comment on the latest holdings. Sophie Bullock, Goldman’s spokeswoman, declined to comment. Kate Haywood, a JPMorgan spokeswoman, declined to comment.

--Editors: Sharon Lindores, John Deane

To contact the reporter on this story: Nicholas Larkin in London at

To contact the editor responsible for this story: Claudia Carpenter at

Cash Is for Losers
blog comments powered by Disqus