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US/Russia: Morgan Stanley scrambles to complete Rosneft sale

 |  October 12, 2014

Morgan Stanley has announced that a deal to sell its oil-merchanting operations to Russian oil giant OAO Rosneft may not be completed before its end-of-the-year deadline, say reports.

Morgan Stanley first agreed last December to sell the operations to Rosneft. Since, the Russian firm has become one of several targets of US sanctions in response to Russia’s conflict in Ukraine. Morgan Stanley did not comment on whether that conflict attributed to a delay in the transaction’s closing.

”We are continuing to operate the business in the ordinary course, and should the deal not close, we would consider a variety of options,” Morgan Stanley said in a statement.

US authorities approved of the sale last June. Soon after, Morgan Stanley said the deal was expected to close by end of September.

Full content: Bloomberg

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