KPMG delays IPO again
Big Five firm KPMG has delayed floating its consultancy arm in the US amid concerns over market volatility.
The firm is now unlikely to go ahead with its planned initial public offering until next year, according to a report today in the Financial Times.
The delay reflects market volatility, depressed consultancy stocks and uncertainty over the US presidential elections.
The hold up is yet another hiccup in the process, which was proposed back in November 1998.
The firm gained regulatory approval for the IPO last month, but is waiting for the equity market to settle before going ahead.
The IPO will go some way to easy the concerns of the Securities and Exchange Commission, which will announce next week its rules on auditors’ independence.PricewaterhouseCoopers is currently negotiating with Hewlett-Packard over the sale of its consultancy, while Ernst & Young sold its consultancy to Cap Gemini earlier this year.