Russian state-controlled energy major Rosneft is in talks with Morgan Stanley on buying a stake in the Wall Street bank's oil trading business, industry publication SparkSpread reported on Tuesday. The talks are at an advanced stage but could still fall apart, the SparkSpread website said, citing an unidentified source.Morgan Stanley has been trying to sell or spin off its physical commodity business for over a year as it faces increased regulatory pressure and higher capital requirements.A Morgan Stanley spokesman in New York declined to comment. A spokesperson for Rosneft could not immediately be reached for comment.Morgan Stanley is the biggest physical oil trader on Wall Street, and its commodity arm owns TransMontaigne Inc, an oil storage and terminal firm with assets in the United States and Mexico.
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 0.96% or $0.29/share to $30.62. In the past year, the shares have traded as low as $16.15 and as high as $30.52. On average, 13191200 shares of MS exchange hands on a given day and today's volume is recorded at 4729285.
Source
