JP Morgan Chase is in exclusive talks with Royal Bank of Scotland to buy RBS Sempra Commodities, a joint venture with US firm Sempra Energy, people familiar with the situation said.
If the deal goes ahead, it will catapult JP Morgan into the premier league of commodity firms -- including energy, metals and agriculture -- from being an already relatively large player now.
RBS selected JP Morgan from a shortlist of three bidders over the last few days, one of the people said.
