Ailing USA bank bought by rival in 'historic' deal

Financial services giant JPMorgan Chase will acquire rival Bear Stearns for a bargain-basement US$236.2m (€152m)– or 2 dollars a share – a stunning collapse for one of the world’s largest and most famous investment banks.

The last-minute buyout was aimed at averting a Bear Stearns bankruptcy and a spreading crisis of confidence in the global financial system.