JPMorgan has offered £123m for EcoSecurities Group, the carbon trading company, topping a bid from Guanabara, a Dutch vehicle run by EcoSecurities’ former president.

Carbon Acquisition Company, a wholly owned subisidiary of JPMorgan, said that EcoSecurities directors will recommend that their shareholders accept the offer of 100p per share, and that their support amounted to 19.1 per cent of shares.