Business Services Industry
No Merger.(proposed merger between KPMG Peat Marwick LLP and Ernst and Young LLP)
Israel Business Today, March, 1998
The proposed merger between KPMG Peat Marwick LLP, Ernst and Young LLP and their respective Israeli associates has been called off. The merger was to have created the world's largest accounting, auditing and consulting organization overtaking world number one, Arthur Andersen. Questions were raised in many countries about leaving multinational businesses with too few choices for public certified accountants and the potential conflicts of interest of the combined client lists - for example KPMG represents Pepsi Co.
Inc. and Ernest represents Coca Cola. Senior partners at Ernst and Young said that the proposed merger was turning into a nightmare that would consume too much time, and money before having a chance to succeed. The proposed firm would have had 12,800...
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