The firm last week announced it would declare an alliance or joint venture within the next 30 to 50 days, but has since ruled out any possibility of any merger or acquisition move.
Meanwhile, attempts to find a new name are understood to have commenced. The company said it was determined to find a name that fitted with its new strategy, including e-commerce.
A spokeswoman for AC, said: ‘We are not in merger talks with anyone, certainly not PwC. We are a $10bn company and are hard at work on our own brand methodology and looking forward to launching our new name on 1 January’.
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