Merrill Lynch and JP Morgan are to lose their mantle as top advisers for European energy and power deals after oil company OMV's takeover of utility Verbund was abandoned following political pressure. They lose the crowns after just two weeks.

The agreed deal, which was worth $17.7bn (€13.8bn) according to investment banking research company Thomson Financial, catapulted Merrill Lynch and JP Morgan two places each. Merrill rose to first and JP Morgan to second in the energy and power advisory stakes when it was announced on May 10.