Morgan Stanley oil trading deal off

Morgan Stanley and Rosneft said Monday that they were terminating the agreed sale of a large portion of Morgan Stanley’s oil trading business to the state-controlled Russian oil company.

The New York Times reports that the sale was announced a year ago but regulators declined to clear the arrangement, creating 'an objective impossibility to complete the deal', Rosneft said in a statement on Monday.

Morgan Stanley had said that the agreement would expire if necessary approvals were not received by Saturday.

The collapse of the sale of the trading unit is the latest energy-related deal to encounter difficulties after tensions arose between the West and Russia over Ukraine. 

To access the complete New York Times article hit the link below:

Sale of Morgan Stanley Oil Trading Business to Rosneft Is Aborted

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