Repair Crews Still Needed

O'Leary, Christopher
May 2003
Investment Dealers' Digest;5/5/2003, Vol. 69 Issue 18, p14
Trade Publication
While overall restructuring activity — the lifeline for investment bankers since 2001 may at last be winding down, the energy market should continue to be a prime source of activity for bankers on cleanup duty.The energy sector is in better form than in scandal-plagued 2002, as the weight of the Enron Corp. scandal has lessened.But energy companies that emulated the bankrupt Enron's acquisition-mad strategy, such as Dynegy Inc., Reliant Energy Co., Mirant Co. and El Paso Corp., are still recovering from their post-market-crash hangovers.That leaves whatever energy M&A activity exists in areas like small regional takeovers, or in the creation of European and Asian national champions, such as the recently announced 13 billion dollar merger of Russian companies Yukos and Sibneft.


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