Russian state-run oil company Rosneft is in talks with Morgan Stanley on buying into the Wall Street bank's oil trading business, an industry publication and two industry sources said on Tuesday.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.Rosneft is Russia's top oil producer and is headed by Igor Sechin, a powerful ally of Russian President Vladimir Putin. The Russian state owns a 69.5 percent stake, according to its website."There have been some talks between Morgan and Rosneft. There is no deal," said a source familiar with the situation. A second senior trading source said people close to the situation had briefed him that such talks had taken place.
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 0.1% or $0.03/share to $30.36. 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 5726966.
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