Italy's Eni announced plans on Monday to sell down further its stake in Portuguese energy company Galp Energia as the oil and gas major presses ahead with plans to focus cash on upstream development.State-controlled Eni said it will sell a stake of up to 6 percent in Galp, worth around 607 million euros ($787 million) at current market prices, by accelerated book building.At the same time it will launch around 1.1 billion euros of senior unsecured bonds exchangeable into Galp Energia ordinary shares. A source close to the operation said the bond was equal to a stake of up to around 8 percent in Galp.The joint bookrunners in the operation are Deutsche Bank , Mediobanca, Morgan Stanley and UBS Investment Bank.
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 1.1% or $0.18/share to $16.61. In the past year, the shares have traded as low as $12.26 and as high as $21.19. On average, 21830900 shares of MS exchange hands on a given day and today's volume is recorded at 13223350.
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