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Monday, November 25, 2013

Vattenfall hires Morgan Stanley to sell UK wind park - sources, (NYSE: MS)

Vattenfall has mandated Morgan Stanley to organise the sale of a British wind park as the Swedish utility scales back outside its home market, two people familiar with the matter said.Vattenfall has invested 2.3 billion euros ($3.1 billion) in six UK wind parks since 2008.The first power generating asset to come on the block will be Vattenfall's Project Ormonde, a 150 megawatt facility in the Irish Sea, the sources familiar with that transaction said. It could fetch around 400-500 million pounds ($650-$810 million), one of them said."The sale will likely start some time next year, as Vattenfall is waiting for clarity on some regulatory issues, which are crucial to determine the profitability and price of the assets," one of the sources said.

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 remained unchanged at $31.34. In the past year, the shares have traded as low as $16.23 and as high as $31.35. On average, 13090600 shares of MS exchange hands on a given day and today's volume is recorded at 0.