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Sources at Lovells say the merger talks with rated Spanish corporate boutique Albiñana & Suarez De Lezo have been shelved.
The Lawyer reported last December that Lovells and Albiñana had entered detailed merger negotiations and were about to discuss remuneration and corporate governance.
However, a Lovells source said last week that Lovells' management now deems Albiñana a "culturally incompatible" merger partner. The source said Lovells still wants a merger in Spain and will now draw up a list of potential partners.
Sources in the Spanish market, however, have indicated that Albiñana was given a deadline of the beginning of this year to agree to a merger.
However, Albiñana partner Carlos Pena denied there have ever been merger discussions. "We're still in a best friend relationship with Lovells," he claimed. Lovells declined to comment.