Andersen denies Big Five merger plans
Wounded Big Five firm Andersen have today denied it is considering a merger with one of its Big Five rivals, in a bid to stave off the threat of 'going under'.
Amid the chaos surrounding Andersen and its involvement with collapsed energy giant Enron, Pennsylvania Sate University associate professor and director of its MBA programme, J Edward Ketz, has said ‘there’s a chance that they go under on this one’.
According to the New York Times, former partners and accountancy industry experts, added that the firm is considering a merger with one of its four main competitors.
It is faced with a $1bn lawsuit from Enron shareholders, while it is feared any future damages could push the firm into serious trouble.
However, a UK spokeswoman for the firm, said: ‘The rumour over Andersen’s merging with KPMG is a complete dead duck. There is no truth in the rumour.’