JPMorgan Reports Bear Stearns Stake

In a filing with the Securities and Exchange Commission, JPMorgan said it bought the shares March 24 for $140.7 million. The bank currently owns about 13 million shares, including shares and call options owned by its affiliates, or an 8.9 percent stake based on 145.7 million Bear Stearns shares outstanding.

When combined with the 95 million shares to be issued as part of JPMorgan's buyout of Bear Stearns, the bank will own a 44.9 percent stake. The share exchange is expected to occur on or about April 8, the filing said.

Additionally, JPMorgan plans to continue buying Bear Stearns shares in the open market or in private transactions, increasing its stake to as much as 49.5 percent.

On March 16, in a surprise deal that sent shock waves throughout the global markets, JPMorgan announced plans to buy Bear Stearns for a bargain-basement price of $236.2 million or $2 a share. In an attempt to appease angry Bear Stearns shareholders, JPMorgan revamped the offer one week later to $10 a share, with the Federal Reserve Bank of New York promising to help finance the deal.

JPMorgan shares added 4 cents to close at $46.28, and continued to rise in aftermarket trading, gaining 28 cents to $46.56. Bear Stearns shares fell 14 cents to close at $10.72 and added 3 cents to $10.75 after-hours.