US banks invest inphysical energy assets

Investment banks keen to take advantage of opportunities in the ever-growing commodities space are snapping up physical energy assets.

Bear Energy, a Houston-based, wholly owned subsidiary of Bear Stearns, has reached a deal to acquire "substantially all" of the power and natural gas assets comprising the power trading business of Williams Power Company, while Lehman Brothers has announced that it will buy the remaining two thirds of energy marketing and services company Eagle Energy Partners.

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