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JPMorgan to buy Bear Stearns for $2 a share
JPMorgan Chase is to buy Bear Stearns at a cut price of $2 a share (£0.98) giving it a total tag of around $236.2m (£116.5m).
The sale comes after the US investment bank, Bear Stearns was forced to seek emergency funding last week after admitting its liquidity position had deteriorated badly.
The surprising last minute sale represents a move to prevent Bear Stearns from bankruptcy.
However the sale will do nothing to stop the spreading worries about the state of the global financial system.
