UPDATE 1-UBS sells some commodities businesses to JP Morgan

(Adds details, JP Morgan comment. Changes dateline, previous ZURICH.)

CALGARY, Alberta, Dec 22 (Reuters) - Swiss banking giant UBS (UBSN.VX) will sell its Canadian energy operations and global agriculture business to J.P. Morgan Chase (JPM.N) for an undisclosed amount, the banks said on Monday.

J.P. Morgan has bought all of UBS's Canadian-based commodities energy business, Canadian Energy, from UBS's investment bank by purchasing shares in UBS Warburg Energy Holdings, UBS said in a statement.

J.P. Morgan is also buying UBS's London-based Global Agricultural Commodities business.

"We continue to take advantage of opportunities that will further enhance and diversify our global commodities business," Blythe Masters, head of global commodities for J.P. Morgan, said in a statement. "The addition of these businesses and talented teams further expands our North American energy franchise and provides further depth to our growing agricultural and soft commodities platform."

With the acquisition, J.P. Morgan adds a Canadian office in Calgary, Alberta, supplementing its investment banking operation in Montreal, a treasury and securities business in Toronto, and an asset management office in Vancouver.

The transaction is expected to close in the first quarter of 2009.

The move comes after UBS said in October that the investment bank would focus on client franchises in the securities and advisory businesses, while exiting certain business activities.

"As part of this, the investment bank is exiting all of its commodities businesses, with the exception of precious metals and the index and exchange-traded commodities activities," UBS said.