San Diego-based Sempra Energy is thought to be negotiating with the Royal Bank of Scotland (RBS) to buy back RBS’s 51% interest in the two firms’ joint venture trading unit, RBS Sempra Commodities. Two sources in the financial and energy trading space told NGI Thursday that this would make sense for the U.S. energy holding company if it can get the right price.

The speculated price that at least three major suitors have been talking about is about $4 billion. RBS paid $1.7 billion for its majority interest in the commodities joint venture when it was formed in April 2008 (see Daily GPI, April 2, 2008).

Earlier in February the Obama administration’s January proposal to limit banks’ involvement in speculative trading sparked reports that JPMorgan Chase had backed off as a potential suitor and raised anticipation that the other two bidders — Deutsche Bank and Australia-based Macquarie Group — are rejoining the competition.

Business reports have indicated that JPMorgan wants to extend its past exclusive negotiations with RBS, but the bank is under increasing pressure from the European Union to sell its trading stake as it moves to shrink its worldwide presence in about two-thirds of the 54 nations in which it operates.

Sempra was contacted regarding the latest reports, but a spokesperson did not return an initial call. Throughout recent weeks the holding company’s spokespeople in San Diego have said the company will not comment on speculations about the trading business, a business in which Sempra intends to continue being a major player, said CEO Donald Felsinger last fall.

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