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KPMG to create single European firm. By Dan Martin

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8th Oct 2006
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Big Four accountancy firm KPMG has unveiled proposals to merge its UK and German operations into a single entity.

In a move which would create the largest fully integrated accounting firm in Europe, KPMG Europe LLP would comprise more than 17,000 partners and staff working from 44 offices across the UK and Germany. Its head office would be in Frankfurt.

KPMG said the merger is be the first stage in a plan to create a fully integrated KPMG member firm in Europe. It hopes that in the future other member firms will merge into the new entity.

In a statement, the two firms said: "This is an innovative and ground-breaking move which is both necessary and important. This merger will create Europe’s strongest and largest accountancy firm. KPMG has a distinct European heritage, and this will give us a true European voice on the global stage.

"We believe the merger will be good for all our clients, because we will be able to serve them even more effectively; good for our people, because it will increase opportunities open to them; good for the public interest and the capital markets, because of the combined strength and quality of our audit practice; and beneficial for our business, because it will enable us to take advantage of the enormous changes we are witnessing in economies and businesses globally."

KPMG Europe LLP will be chaired jointly by John Griffith-Jones, currently chairman of KPMG LLP (UK), and Professor Rolf Nonnenmacher, currently chairman of the managing board, KPMG Deutsche Treuhand-Gesellschaft AG.

The merger is the first made possible by the European Commission's Eighth Directive legislation, which allows cross-country ownerships in accountancy firms. The directive becomes effective next year.

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