JPM wants to buy MF Global's shares in the LME, presumably to gain more influence on pricing metals on the all important London Metals Exchange. GS currently is the "largest" shareholder" of the LME. Who would have guessed?
“A whole raft of people are interested” in MF Global’s LME stake, a person familiar with the situation said. JPMorgan, the third-largest LME shareholder and one of the leading banks in commodities, is among the parties to have expressed interest, the person added, “along with several other members of the LME”.
"If the US bank is successful, it would become the largest shareholder with 10.9 per cent. Other large LME shareholders include Goldman Sachs with 9.5 per cent, Metdist, a privately owned metals trader, with 9.4 per cent, and UBS, with 4.3 per cent."