Morgan Stanley has sold the majority of its global physical oil trading operations to Russian state-run oil major Rosneft, becoming the latest Wall Street firm to dispose of a major part of its commodity business.The deal represents a bold move into the U.S. market by Russia's top oil producer, which is headed by Igor Sechin, a powerful ally of Russian President Vladimir Putin. The Russian state owns almost 70 percent of Rosneft.The deal includes more than 100 traders and shipping schedulers in London, New York and Singapore, over $1 billion worth of oil, and the bank's 49 percent stake in tanker company Heidmar.The terms of the deal were not disclosed. Morgan Stanley said it was not expected to have a significant impact on its financial results.
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 0.23% or $0.07/share to $30.93. In the past year, the shares have traded as low as $18.50 and as high as $31.85. On average, 12891300 shares of MS exchange hands on a given day and today's volume is recorded at 14911722.
Source
