Roland Berger Strategy Consultants has stepped away from merger talks with Deloitte Touche Tohmatsu.
Last week both parties confirmed they were in advanced talks about a possible deal, but negotiations ended on Sunday after partners at Roland Berger voted against the move.
The vote to remain independent had been carried with a majority of “close to 100%” said a company spokesman.
The firm’s partners (including its founder Roland Berger) agreed to put in more money to support its plans going forward.
Berger will be investing some €50m to help fund the company’s expansion as a standalone business, reported the Financial Times this week.
Deloitte had planned to acquire the company as part of an expansion of its worldwide strategy consulting arm, with the aim of becoming a market leader in this area.