NEW YORK/HOUSTON May 16 (Reuters) - Commodities trader and investor TrailStone Group’s bid to buy Cargill’s U.S. power and gas trading book has fallen through, two sources familiar with the matter said on Tuesday.
It was not immediately clear why the deal was off. A TrailStone representative declined to comment while a Cargill representative could not be immediately reached for comment.
In January, sources had said that Cargill was planning to sell its gas and power business to TrailStone Group, which is funded by Riverstone private equity group.
Cargill has spent the past year streamlining its businesses amid a nearly three-year slump in global oil prices. In March, Australian investment bank Macquarie Group Ltd agreed to buy Cargill’s petroleum business.
Reporting by Catherine Ngai in New York and Liz Hampton in Houston; Editing by Chizu Nomiyama