Newspaper article THE JOURNAL RECORD

Arthur Young, Ernst & Whitney Propose Merger

Newspaper article THE JOURNAL RECORD

Arthur Young, Ernst & Whitney Propose Merger

Article excerpt

Arthur Young, Ernst & Whinney Propose Merger NEW YORK - Merger fever broke out Friday at the highest levels of the accounting profession as Big Eight firms firms Arthur Young & Co. and Ernst & Whinney proposed combining their worldwide practices to create the world's largest professional services organization.

The two firms said they had agreed in principle to a merger that would create a $4.3 billion worldwide organization offering accounting, auditing, tax and consulting services and employing 70,000 people in 100 countries.

The partners of both firms will begin voting on the proposal in June, and leaders said they were confident the deal would be approved.

The new organization would be called Ernst & Young and the chairmen of the respective firms, William L. Gladstone of Arthur Young and Ray J. Groves of Ernst & Whinney, would become its co-chief executives.

The merger of Arthu Young and Ernst & Whinney would top the previous biggest accounting merger that saw Peat Marwick combine with KMG Main Hurdman two years ago into a firm called KPMG.

According to the Atlanta-based newsletter Bowman's Accounting Report, KPMG was the world's largest accounting firm in at $3.9 billion in world revenue in 1988 while Arthur Andersen was the biggest U.S. accounting firm at $1.71 billion.

Ernst & Whinney posted $2.19 billion in world revenue and $1.17 billion in U.S. revenue last year, while Arthur Young had $2.05 billion in world revenue and $843 million in U.S. revenue, Bowman's stated.

Halliburton Buys Sierra Geophysics Stock DALLAS - The capital stock of the private company Sierra Geophysics Inc. has been acquired by Halliburton Co., Halliburton announced Friday.

Sierra, founded in 1978, provides advanced computer software to help manage risks and reduce costs in all aspects of energy and mineral exploration. The software is designed to operate on a wide range of standard computers and graphics systems.

The company's software portfolios target four major activities of exploration and development: geologic interpretation, seismic modelling, seismic processing and seismic interpretation. …

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