PwC says HP pull-out 'unfortunate'
PricewaterhouseCoopers today labelled as 'unfortunate' the decision by IT giant Hewlett-Packard to pull the plug on its multi-billion dollar bid for the Big Five firm's consultancy wing.
Chief executive James J. Schiro said: ‘It is unfortunate that market conditions caused our discussions to terminate.
‘Our priorities continue to be serving our clients effectively, growing our business and providing our people with challenging and rewarding career opportunities’.
Schiro stated that PwC would continue with its previously stated plans to restructure its business to respond to the evolving needs of its clients in the networked economy.
He added: ‘We remain committed to developing a structure that will allow all our businesses to flourish while maintaining the professional independence and objectivity necessary to ensure healthy capital markets’.
HP chief executive Carly Fiorina earlier today revealed the shock withdrawal from the $17billion negotiations as the company reported fourth quarter earnings shortfalls.
PwC decided to sell off its consulting business in the face of the US Securities and Exchange Commission’s concerns that the Big Five firms should split their audit and consulting divisions.
The US regulator is due on Wednesday to announce the result of its two year review of the profession, but is tipped to be poised to back down from its plans to shake-up the profession.