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Prudential agrees to sell its global commodities business to Jefferies Group, Inc.

^{Published on 2011-04-07 05:05:34 - Market Wire}
 

NEWARK, N.J.--([ BUSINESS WIRE ])--Prudential Financial, Inc. (NYSE:PRU) today announced it has entered into an agreement to sell its global commodities business to Jefferies Group, Inc. The purchase price will be approximately equal to book value, which was $430 million as of December 31, 2010. The transaction is expected to close in June 2011, following regulatory approval.

The sale includes the U.S.-based FCM, Prudential Bache Commodities, LLC; the broker dealer, Prudential Bache Securities, LLC; U.K.-based Bache Commodities Limited; and Hong Kong-based Bache Commodities (Hong Kong) Ltd.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader, has operations in the United States, Asia, Europe, and Latin America. Prudentiala™s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudentiala™s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit [ http://www.news.prudential.com/ ].

Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.