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Wednesday, August 13, 2014

Australia's Victoria state hires Morgan Stanley to sell port, (NYSE: MS)

Australia's Victoria state said on Wednesday it has hired Morgan Stanley to sell the lease for the Port of Melbourne, the country's largest container and general cargo port, in a deal local media estimated may fetch A$6 billion ($5.57 billion). The country's governments are hoping to raise some A$130 billion by selling state-owned infrastructure in the next two years and Victoria, Australia's second-most populous state, hopes to raise A$27 billion by selling assets.In May, Morgan Stanley sold New South Wales state's Port of Newcastle, the world's largest coal export terminal, to China's China Merchants [CNMGP.UL} and locally based Hastings Funds Management for A$1.75 billion, double the amount widely expected.Hiring Morgan Stanley was "an important step in securing the best value for Victorians through a medium-term lease of the Port of Melbourne," state treasurer Michael O'Brien said in a statement without specifying how long the lease will be."It is absolutely critical that we receive the best quality commercial advice when considering a lease of this size and scale."

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 fell by 0.22% or $-0.07/share to $32.01. In the past year, the shares have traded as low as $25.25 and as high as $33.60. On average, 8945420 shares of MS exchange hands on a given day and today's volume is recorded at 4525122.