JPMorgan to buy EcoSecurities for $204 million

LONDON | Mon Sep 14, 2009 1:22pm EDT

(Reuters) - JPMorgan Chase & Co agreed to buy carbon offset aggregator EcoSecurities for 122.9 million pounds ($204 million) on Monday, trumping a bid from the firm's co-founder, to boost its carbon-credit trading business.

J.P.Morgan Ventures Energy Corp., a subsidiary of the bank, said its 100 pence-a-share bid, made through Carbon Acquisition Company, had the backing of shareholders representing 19.9 percent of the company.

By Michael Szabo and Paul Sandle