KPMG plans to sell stake in a division
Article Abstract:
KPMG Peat Marwick has announced that it intends to sell as much as 30% in its US consulting division to a private investor or take the division public. The accounting and consulting firm stated that selling the division could bring it hundreds of millions of dollars. KPMG's chairman and chief executive Stephen G. Butler stated that a sale of the division could generate capital for future acquisitions. KPMG's announcement marks the first time a large privately-held accounting and consulting partnerships has publicly considered going public or undertaking a partial sale. An industry analyst believes that a sale would be well received by Wall Street as long as KPMG's consulting division does not split from the rest of the firm.
Comment:
KPMG announces that it may sell as much as 30% in its US consulting div. or take it public
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Small accounting firms losing independence
Article Abstract:
Industry analysts have reported that small accounting companies are being snapped up by major firms, such as Century Business Systems Inc., Lincoln National Corp., American Express Co., Salomon Smith Barney, Fidelity Investments and Merrill Lynch and Co., as part of a trend toward merging accounting and other financial services. The trend is being warily eyed by the Securities and Exchange Commission, which is investigating whether the linkage between private and accounting companies is a violation of existing accounting rules.
Comment:
A trend toward merging accounting and other financial services is being investigated by Securities and Exchange Commission
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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Price-Coopers deal faces hurdles before July launch
Article Abstract:
The proposed merger between Coopers & Lybrand and Price Waterhouse faces major hurdles before it can go into effect on July 1, 1998. The European Commission (EC) has approved the deal following US antitrust regulator approval. The merger would create the largest accounting and consulting company in the world. The merged entity would have over $13 billion in yearly revenues. However, some European, Asian, and South American partners of Coopers are threatening to defect from the deal.
Comment:
Proposed merger between Coopers & Lybrand and Price Waterhouse faces major hurdles before it can go into effect on July 1, 1998
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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