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JP Morgan Cazenove: the conference call

Naguib Kheraj, chief executive of JP Morgan Cazenove, outlined the terms of the US bank's full takeover of the joint venture on a conference call this morning. Highlights follow.

• Kheraj confirmed that JP Morgan Cazenove will become a wholly owned part of JP Morgan. He said the deal will value Cazenove at £1bn and the joint venture at £2bn.

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