MACQUARIE Group remains in the hunt for RBS Sempra, the commodities trader worth up to $4.3 billion, after negotiations with a preferred bidder hit a stumbling block.
RBS Sempra has been put up for sale after the Royal Bank of Scotland was forced by European regulators to offload non-core banking assets as part of the British government’s bailout package.
JPMorgan appeared to have trumped Macquarie and rival bidder Deutsche Bank, after RBS Sempra named the US investment bank as a preferred buyer.
However, negotiations hit a hurdle on the weekend after JPMorgan baulked at buying the US trading assets of the business.
The move was understood to have been prompted by Barack Obama’s surprise proposals released last week to crack down on banks’ proprietary trading activities.
It is thought JPMorgan lost interest in buying a trading business that would expose it to a greater regulatory burden.
There was speculation at the weekend that JPMorgan could negotiate with Sempra, the joint venture partner, to buy the US assets while the bank would still take the British side of the business.
However, it is understood that Macquarie is still keen to participate in the RBS Sempra sales process that would significantly boosts its presence in commodities trading on the world markets.
The sale is expected to attract a price tag of at least $4.3bn for the whole business.
Macquarie refused to comment on “market speculation” yesterday, but a deal of that size would be the largest one-off transaction for the bank to make on its own.
Macquarie funds have been part of larger deals, particularly Thames Water, but always as parts of syndicates.
Macquarie is understood to have bid for RBS Sempra by itself.
The purchase would cap a remarkable string of acquisitions for Macquarie during the downturn in which the bank has spent at least $1bn on at least five asset purchases.
The bank raised $1.5bn in May last year through a capital issue that helped it amass a $4.5bn war chest.
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