JPMorgan’s Commodities Sale to Mercuria Said to Shrink

Mercuria Energy Group Ltd.’s six-month-old agreement to buy JPMorgan Chase & Co.’s physical commodities business for $3.5 billion was revised to cover only $800 million of assets, according to people familiar with the change.

JPMorgan plans to sell the rest of the business in separate transactions, said the people, who asked not to be identified because the final deal’s terms haven’t been made public. Some separate sales have already been agreed, one person said. The Wall Street Journal reported on the changes earlier today.