PracticeAccounting FirmsAndersen’s Scandinavian arms go to Deloitte

Andersen's Scandinavian arms go to Deloitte

Deloitte & Touche has added two of Andersen's Scandinavian practices to its growing treasure chest, after agreeing to mergers with Andersen Sweden and Andersen Denmark

News of the latest mergers follows agreements being struck in Europe earlier this month with Andersen’s Belgian, Spanish, Dutch, Portuguese and British arms.

KPMG, which had seen its plans for a global merger with Andersen steamrollered, has once again been left emptied handed, with Andersen’s other major European practice, France, going the way of Ernst & Young.

In Denmark, the deal between Andersen and Deloitte will see the two firms merge on 1 June 2001, trading under the Deloitte banner, with the Andersen name disappearing.

Similarly, the Swedish deal is expected to be completed on the same date, subject to approval by the country’s regulatory authorities.

The combined firm will have a 20% market share, growing it to a similar size as KPMG, Ernst & Young and PricewaterhouseCoopers, which each have a 25% share of the market.

Andersen Sweden managing director Hans Pihl, will become CEO of the new firm with no job losses being expected.

Pihl added: ‘We chose Deloitte over other possible solutions because we feel the Swedish market wants another major player.’

Deloitte is also set to join hands with Andersen Canada, Andersen Brazil, Andersen Mexico and Andersen Taiwan.

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