March 12 (Bloomberg) -- Citigroup Inc., ranked seventh among mergers and acquisitions advisers last year, promoted Peter Tague to co-head of its global M&A business.
Tague joins Mark Shafir, who’s been sole head since 2008, New York-based Citigroup said in a memo distributed last week and obtained by Bloomberg News. Shafir will focus on his other role, overseeing technology, media and telecommunications investment-banking, according to the memo.
Tague and Shafir “will be tasked with expanding the wallet and market share of our M&A franchise and increasing our participation in landmark and cross border transactions,” Raymond J. McGuire, the head of investment banking, said in the memo. Mark Costiglio, a spokesman for Citigroup, confirmed the statement.
Citigroup’s advisory revenue dropped 5 percent to $684 million last year, or less than 1 percent of the bank’s net revenue across all business lines. Tague was most recently a vice chairman in the M&A group, and previously worked in an internal strategy role.
Before that, he held positions overseeing the global energy, power, and chemicals investment-banking group and European merger advisory. Tague has worked at Citigroup or predecessor firms since at least 1995, according to records on the website of the Financial Industry Regulatory Authority.
Tague advised Dow Chemical Co. on its $16.5 billion acquisition of Rohm & Haas Co. in 2009, and Apache Corp. on its $7 billion purchase of oilfields in the U.S., Canada and Egypt from BP Plc in 2010. He counseled London-based Peninsular & Oriental Steam Navigation Co. on its 2006 sale to Dubai Ports World for $6.8 billion.
Ben Druskin, who was co-head of technology, media and telecommunications investment banking along with Shafir, moved to a new role as chairman of the group, McGuire said in the memo.