PracticeConsultingMerger Collapse – Price Waterhouse ”in favour’

Merger Collapse - Price Waterhouse ''in favour'

The collapse of the merger between KPMG and Ernst & Young lifted ‘the shadow of an ugly spectre’ from the planned union of Price Waterhouse and Coopers & Lybrand, PW senior partner Ian Brindle said this week.

Speaking to Accountancy Age on Monday, Brindle blamed the failed rival merger bid for the wave of client opposition to the Big Six mergers and said he expected opinion to switch in favour of the PW/Coopers tie-up once it was viewed on its own merits.

He was dismissive of comments by E&Y senior partner Nick Land that his merger had foundered on the issue of cost and regulation. ‘I always expected the European Commission, as we all did, to carry out a phase two investigation because they needed time to look into the facts. I cannot believe E&Y and KPMG did not foresee that too,’ he said.

‘We would not have gone into our merger if we had thought the costs would outweigh the advantages.’

Brindle said E&Y had admitted it spent only ten days discussing merger with KPMG before making last October’s announcement while PW and Coopers had begun talking last May, four months before going public.

PW and Coopers were ready to answer any questions that the European Commission or any other regulator asked, he added.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer