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Wednesday, October 3, 2012

Morgan Stanley in talks to sell majority of commodity business - FT, (NYSE: MS)

Morgan Stanley is in talks to sell a majority stake in its commodities business to the Qatar Investment Authority, the Financial Times said, quoting people familiar with the deal. The investment bank had for the past few months been trying to sell a minority stake in the commodity business, which specialises in trading oil, gas and electricity.A Morgan Stanley spokeswoman failed to comment on the report.The FT said selling the commodities business to Qatar's sovereign wealth fund would allow traders in that unit to continue trading for their own books, which will be banned for banks under upcoming U.S. regulations such as the Volcker rule.No price had been agreed yet, the newspaper reported.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.71% or $0.12/share to $17.03. In the past year, the shares have traded as low as $12.26 and as high as $21.19. On average, 22353100 shares of MS exchange hands on a given day and today's volume is recorded at 20785152.



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