Online Extra - EU clears PW/Coopers merger
European Commissioner Karel Van Miert removed the last real obstacle to the merger between Price Waterhouse and Coopers & Lybrand on Monday 16 March.
Van Miert, who is responsible for competition issues, decided not to send out a statement of objection to the merger.
A formal recommendation will now be drafted and is expected to be approved in six weeks? time. The partners plan to launch the merged firm on 1 July.
In a joint statement, Coopers UK chairman Peter Smith and Price Waterhouse senior partner Ian Brindle, said: ?We have been extremely impressed with the way the European Commission has got to grips with our business. As a result, they have understood the dynamics and believe, as we do, there is no need for a formal statement of objections.
?We are hopeful of receiving a formal clearance soon.?