Green light for CO2 deal
JP MORGAN subsidiary Carbon Acquisition Company’s £1.05 a share offer to acquire emissions trading group EcoSecurities has become wholly unconditional and is expected to complete during December.
The deal has acceptances from investors representing more than 80 per cent of EcoSecurities’ share capital. Upon completion of the transaction, it is expected that EcoSecurities will operate as an independent enterprise and its market-leading brand will be retained, although chief executive Bruce Usher will step down but remain on the board.
Blythe Masters, head of global commodities at JP Morgan, said: “Our goal is to ensure that EcoSecurities maintains its leadership position in the global carbon markets and continues to offer world-class services.”