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Sempra Rumors Are a Hot Commodity

Sempra Commodities, a unit of San Diego-based Sempra Energy, may be on the selling blocks, according to a Reuters story published June 19.

The unit, which has about 850 employees, mostly in Connecticut, was reportedly being sold to the Royal Bank of Scotland, according to a story that quoted an anonymous source.

Doug Kline, spokesman for Sempra Energy, said he was unable to confirm or deny the story. “We have a policy of not commenting on rumors or speculation,” Kline said.

The Reuters story said in November, Sermpra CFO Mark Snell said Sempra Commodities would be inclined to take on a partner to expand the unit’s lines of credit and provide it with additional capital to grow.

Last year, the unit contributed $504 million in net income or 36 percent to Sempra Energy’s total net income of $1.4 billion.

The commodities unit trades in natural gas, oil and industrial metals. Sempra acquired the metals trading business in 2002 from Enron Corp. after the Houston company filed for bankruptcy.

, Mike Allen

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