The merged firm will be Northern Ireland's first major law firm to offer national reach.

It will be harder for individuals to stand out in the huge merged firms.

It later merged with another oil company, but the merged firm did not do well.

If mergers generate efficiencies, why, on average, do the profits of the merged firms remain unchanged?

Such a price increase does not depend on the merged firm being the dominant player in the market.

"The merged firm is well positioned to meet this challenge."

In return, the Italian company wants a controlling stake in the merged firm.

"You're trying to do so much at the same time," he said, "because you want the employees to stay with the merged firm."

Accounting Today reported speculation that the merged firm may expand into public company audits.

A decision on offices for the merged firm will be made in the next two months.