In a move very much consistent with its bullish logo, Merrill Lynch & Co. this fall announced a strategic stampede into the energy-finance arena with its agreement to acquire Petrie Parkman & Co. Started in 1989 by former First Boston Corp. veterans Thomas A. Petrie and James Parkman, Petrie Parkman-with offices in Denver, Houston and London-has been for 17 years a leading investment-banking firm specializing in M&A, asset and private-company divestitures, corporate finance and equity research for the North American oil and gas industry, in particular for smaller-cap to midcap E&P companies. Why this move? "Merrill saw our regional U.S. presence in the energy space-with a sellside focus on the property side of the business as well as a regional research presence-fitting well with and complementing its global strength with energy companies on the buyside, in terms of [M&A] transactions, and its broader public underwriting presence," explains Petrie. Upon closing of the merger sometime in fourth-quarter 2006, the current chief executive officer of Petrie Parkman will become a vice chairman of Merrill Lynch, remaining in Denver. For more on this, see the December issue of Oil and Gas Investor. For a subscription, call 713-260-6441.
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