E&Y pulls out of Andersen talks
Ernst & Young today said that it had walked away from a possible rescue deal with Andersen in the US.
In a statement, the firm said: ‘After reviewing the possibility ofcombining with Andersen, Ernst & Young has concluded that as long as Enronand other Andersen litigation matters are unresolved, it is not in the bestinterests of our people, clients, and our firm to pursue such acombination.’
The firm informed the Andersen leadership of its decision to withdraw from talks this morning in the US.
Earlier today, KPMG became the third Big Five firm to be linked to rescue negotiations – Deloitte & Touche was reported to be in talks with the embattled firm earlier this week.