Deloitte grabs Spain

The move is a blow for KPMG as Andersen is the largest firm in Spain, and would have provided a gateway to the lucrative Latin American market.

Meanwhile the UK deal between KPMG and Andersen was said to be ‘very fluid’.

A source close to the talks told Accountancy Age last week: ‘The situation is very fluid at the moment. Lots of the businesses are talking to each other, there are lots of urgent discussions. There are so many things to get right.’

He added: ‘There are the obvious problems of the byzantine legal systems, particularly in the US.’

He said: ‘They (the partners) can see the opportunity, but are concerned that no liability leeks into our business.’

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