February 2, 2015 / 1:36 AM / 3 years ago

UPDATE 1-Morgan Stanley shops oil-storage unit again -WSJ

(Adds context and details about prior deal.)

Feb 1 (Reuters) - Morgan Stanley is shopping its oil-trading and storage business again after an earlier deal to sell the unit fell through last month, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

The firm initially signed a deal to sell the unit to Russian energy company OAO Rosneft for several hundred million dollars, but the agreement fell through in December, according to the Journal. Morgan Stanley is now seeking a similar price, the newspaper said.

Morgan Stanley is trying to sell the facility as it scales back its commodities business, the Journal reported. Oil storage prices have been soaring as crude prices slide. Traders are hoarding the commodity until the market recovers, according to the Journal.

Australian bank Macquarie Group Ltd and private equity firm KKR& Co LP are early contenders to acquire the unit, the Journal reported. (Reporting by Suzanne Barlyn; Editing by Eric Walsh and Andre Grenon)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below