Price Waterhouse, Andersen Say Merger Will Take Time
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CHICAGO — Arthur Andersen & Co. and Price Waterhouse announced Tuesday that they will need more time to discuss a possible merger, a move analysts said was expected given the complexities of forming what would be the world’s largest accounting firm.
But industry analysts said they expect the merger will proceed despite the obstacles facing the two firms.
“I think the benefits are so significant that they . . . will work out their differences and will agree to the merger in principle in the reasonably near future,” said James Emerson, publisher of Emerson’s Professional Services Review, a Bellevue, Wash.-based publication that looks at the major accounting firms.
“What’s clear is that the two firms desire to merge. The question is whether they can mechanically put the deal together in a way that makes sense for their clients, employees and partners.”
The two accounting firms had hoped to reach agreement by early this month. On July 6, Chicago-based Andersen and New York-based Price Waterhouse announced that they had entered into 60 days of formal talks to explore the feasibility of a merger of their worldwide operations.
In a joint statement released Tuesday, the two firms said those talks were continuing.
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