BDO International and Mazars have responded to yesterday’s report by International Accounting Bulletin into a possible merger between the two networks Italian member firms.
BDO Italy in a press release said: "On July, 23rd 2015 the aggregation among the businesses and professionals of Mazars and BDO in Italy took place, creating a single structure adhering to the BDO international network."
Such aggregation represents the real alternative to the Big Four in the Italian market of auditing and professional service, the release continued.
BDO International said they had nothing to add to this press release.
At Mazars the situation was described slightly differently. "An independent, inappropriate and non-coordinated initiative was undertaken by part of the Mazars Italian partnership and part of the BDO Italian partnership, which has led to the announcement that the Mazars teams in Italy would be joining the BDO franchise in Italy," a spokesperson told International Accounting Bulletin.
No Mazars team will join a competitor or operate under dual brand in Italy or elsewhere, the spokesperson continued. "This situation, a "fait accompli" in total breach of the operating rules of Mazars’ integrated partnership and ethic’s rule, leads the Mazars Group to take legal action and disciplinary proceedings to dispute a situation, which effectively takes our clients hostage."
Mazars spokesperson described the move as a blow to any rapprochement between the two organisations globaly. "BDO International’s support of this aggressive and inappropriate manoeuvre also thwarts, would it be confirmed, cooperation between the two organisations."
The spokesperson concluded by saying that Mazars had taken immediate actions to secure its operating presence in Italy and that it will shortly announce developments in the peninsula.
BDO and Mazars to merge in Italy?