“Rosneft and Morgan Stanley have to terminate the agreement signed between them on December 20, 2013 on the purchase of Morgan Stanley’s global oil trading business as it has become objectively impossible to close the transaction owing to the denial of regulatory approvals,” the statement said.
“The sides took considerable efforts to prepare the transaction and regret that there is no possibility to close it. Despite this, Rosneft and Morgan Stanley will continue cooperation in other fields,” Rosneft said in its statement.Rosneft’s wholly-owned subsidiary signed a binding deal with Morgan Stanley on December 23, 2013 to buy the investment bank’s global oil trading business.
In early July, Rosneft submitted the deal earlier approved by the US Federal Trade Commission to the US Committee on Foreign Investment (CFIUS) for endorsement.
On September 4, Rosneft’s deal to buy Morgan Stanley’s oil trading business was cleared by the European Commission.