BTU convergence deals top latest M&A action

Merger and acquisition action continues to gather momentum among energy companies worldwide.In another example of the continuing US trend toward "BTU convergence," Detroit energy firms DTE Energy Co. and MCN Energy Group Inc. have signed a definitive agreement to combine in a cash and stock merger valued at $4.6 billion.The BTU convergence trend is manifesting itself outside the US as well. Energy and industrial groups Veba AG, Dusseldorf, and Viag AG, Munich, plan to merge to create a major energy and specialty chemicals company.In petroleum company M&A action (see related story, p. 34), Chevron Corp. has acquired Petrolera Argentina San Jorge, which claims to be Argentina's four...

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