J.P. Morgan buying Bear Stearns

NEW YORK, March 16 (UPI) -- J.P. Morgan Chase & Co. reached agreement to buy Bear Stearns Cos. for $2 a share, The Wall Street Journal reported Sunday.

J.P. Morgan will pay for the teetering investment bank with a stock swap, the Journal reported online. The bargain-basement deal has been approved by both companies' boards of directors.

Bear Stearns' stock was trading at $30 a share at the close of Friday's session on the New York Stock Exchange.

Government regulators also have signed off on the sale, which still requires shareholder approval. It is expected to be completed by the end of the second quarter, the Journal said.

Concern remains acute among regulators, bankers and investors Bear Stearns' stock could continue to drop Monday and possibly cause the firm's total collapse.