17 March 2008
US banking titan JPMorgan Chase said late Sunday it was taking over the crisis-hit investment bank and brokerage Bear Stearns.
JPMorgan Chase said in a statement that the deal will be a stock-for-stock exchange and that it will swap 0.05473 shares of JPMorgan Chase common stock per one share of Bear Stearns stock.
"JPMorgan Chase stands behind Bear Stearns," said Jamie Dimon, JPMorgan Chase's chairman and chief executive.
"Bear Stearns' clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns' counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner," Dimon said.
http://uk.news.yahoo.com/afp/20080317/tbs-us-bank-banking-company-jpmorgan-bea-8cc5291.html
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