Germany's Roland Berger and Deloitte have called off talks to merge after Berger's 170 partners voted against the deal. The two would have been the world's number two in management consulting after McKinsey.
Roland Berger founded the consultancy in 1967
Munich-based management consultancy Roland Berger has rejected a merger offer by global accounting and auditing giant Deloitte. The majority of Berger's 172 partners voted in favor of independence.
"The partners have decided to stay independent," a spokesperson said on Sunday.
Deloitte had planned to boost its presence in Europe by merging its consulting arm with Roland Berger. The combined company would have had an annual turnover of over 2 billion euros ($2.7 billion), second only to market leader McKinsey.
To ensure Berger's independence, the partners are planning to raise their equity in the company, which employs around 2,000 people.
Roland Berger, who founded the firm in 1967 and made it one of Germany's biggest management consultancies, is considering injecting between 50 and 80 million euros of his own money, according to a report in the Financial Times Deutschland.
Author: Nicole Goebel (dpa, Reuters)
Editor: Ben Knight