NEW YORK/HOUSTON May 16 Commodities trader and
investor TrailStone Group's bid to buy Cargill's U.S. power and
gas trading book has fallen through, two sources familiar with
the matter said on Tuesday.
It was not immediately clear why the deal was off. A
TrailStone representative declined to comment while a Cargill
representative could not be immediately reached for comment.
In January, sources had said that Cargill was planning to
sell its gas and power business to TrailStone Group, which is
funded by Riverstone private equity group.
Cargill has spent the past year streamlining its businesses
amid a nearly three-year slump in global oil prices. In March,
Australian investment bank Macquarie Group Ltd agreed to buy
Cargill’s petroleum business.
(Reporting by Catherine Ngai in New York and Liz Hampton in
Houston; Editing by Chizu Nomiyama)