Andersen and PWC silent on local merger talk
The two auditing and financial consulting firms won't so far comment on reports that they are to combine their local operations.
Andersen and PriceWaterhouseCoopers (PWC) have not formally responded to reports that they are about to merge operations regionally. According to a report in Saudi Arabia’s Arab News, which cited ‘an undisclosed credible source’ in the United States, an agreement has already been reached between the two companies’ regional units.
Andersen did not return calls from ITP.net requesting comment. A senior executive at PWC confirmed that talks have taken place between the two companies, but he was not authorised to comment officially.
Andersen had earlier announced that its operations outside the USA would be merged with KPMG, in an effort to reduce the impact of Enron shareholder lawsuits on the company. However, some regional Andersen operations have negotiated mergers with companies other than KPMG, and the Middle East appears to be following suit.