On Monday, it became known that the US bank Morgan Stanley is selling its business in the sale of oil company Castleton Commodities International, specializing in energy trading. The deal could reach $ 1 billion to $ 1.5 billion.
May 11 US investment bank Morgan Stanley announced that it was selling the business on the oil trade Company Castleton Commodities International (CCI). According to the Bank, the transaction should be completed in the second half of 2015, before that companies should be allowed to deal the American, European and other regulators. Terms of the deal were not disclosed, but writes the American newspaper The Wall Street Journal citing people familiar with the situation, its amount can range from $ 1 billion to $ 1.5 billion.
Morgan Stanley CCI passes his physical stocks of oil and oil products, storage and other infrastructure and the relevant contracts. The CCI will move more than 200 employees of Morgan Stanley, including top managers of Tom Simpson and Fabrizio Dzikiki. CCI Company was established in 2012 by a group of investors, including hedge fund managers Paul Tudor Jones and Glenn Dubin. 49 percent stake in the bank statement Heidmar fleet of tankers is not included in the deal. Morgan Stanley engaged in oil trade since 1980, the company has the largest physical oil reserves among US banks. In the past two years, trading unit of the bank was selling an average of 2 million barrels of crude oil and petroleum products per day, which corresponds to about 2% of world trade in oil. The division has 45 leased storage facilities with a total capacity of about 30 million barrels, mostly in the United States.
This is the third attempt to sell his oil business, undertaken by Morgan Stanley for the past three years. The bank had previously negotiated the sale of the business with the Qatari investment fund, but the parties have not agreed on the terms, and later attempted to sell its Russian “Rosneft” – the deal has not received approval from the US regulator. Businesses also were interested companies KKR and Macquarie. Last year, the division sold its raw, another major US bank – JPMorgan Chase: Trading division passed the Swiss company Mercuria, the deal was worth $ 3.5 billion.
In late April, Morgan Stanley issued a statement for the first quarter of this year, the company’s results have been very successful and exceeded analysts’ expectations. Proceeds of the bank amounted to $ 9.9 billion, which was a record high for the Bank for the past five years, net profit rose 60% to $ 2.3 billion. According to experts, the results of the first quarter largely resulted from the restructuring carried out by the head of the Bank James Gorman: been reduced operations products with fixed income (bonds and so on. p.) and focuses on trade in stocks and work with the client software.
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