Andersen's European partners were deep in discussions last night about a possible breakaway, in the expectation that talks about a deal involving the whole firm would flounder.
One partner in London said: "For the European business to go solo or to sell itself separately are options worthy of evaluation and of commercial interest." Western Europe contributes almost one-third of Andersen's revenues $2.87 billion out of $9.34 billion last year. It is strongest in France, Italy and Spain.
Mr Christopher Gross, in charge of Andersen Germany, Switzerland and Austria, said: "We are currently reviewing all options apart from a sale. A merger with another company would be an option . . . Competitors have always been interested in us.
"We have to unhitch from developments in the US. The German operations did not have anything to do with the Enron case. Our image has been massively damaged since Enron.
"It must not be that one partner's mistakes throw the whole of Andersen over the brink," he added.
- (Financial Times Service)
