PracticeAccounting FirmsKPMG ‘disappointed’ over losing Andersen Spain

KPMG 'disappointed' over losing Andersen Spain

KPMG has expressed 'disappointment' that Andersen's office in Spain has gone over to Deloitte & Touche instead of joining in general merger plans.

However, KPMG’s statement leaves it unclear whether it is pushing ahead with the planned merger with all Andersen operations outside of the US.

Reports in the press suggest the merger is off but this afternoon KPMG partners were meeting to discuss what would happen next.

Losing Andersen’s lucrative Spanish operation will come as a blow to KPMG which saw the office, not only as a prize in its own right, but as a crucial gateway to the crisis stricken firm’s South American business.

A statement from KPMG said: ‘We have been engaged in discussions in Spain and many other countries on a very constructive basis. We are naturally disappointed that the Spanish firm of Andersen has decided to go to Deloitee & Touche.

‘We continue to have very constructive discussions elsewhere.’

The future of Andersen in the UK remains unclear.

Andersen in Hong Kong and China have gone to PricewaterhouseCoopers while operations in New Zealand, Australia and Singapore have gone to Ernst & Young.

The danger for KPMG is that Andersen Worldwide is fragmenting so fast there will soon be little left to merge with.

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