Morgan Stanley sells oil merchandising business to Rosneft


Moving forward with its plan to exit noncore businesses, Morgan Stanley (MS +0.4%) sells the Global Merchandising unit of its Commodities division to a subsidiary of Rosneft Oil for an undisclosed amount. The sale is expected to close in 2014 H2 and is not expected to have a material impact on Morgan's financial results.

Morgan says it's looking at options for its stake in TransMontaigne Partners (TLP +1.2%), which isn't part of the Rosneft deal.

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