Houthoff Buruma says no to UK merger

One of the Netherland's last remaining independent commercial practices has voted against a UK merger.

Houthoff Buruma voted last week to retain independence, ending speculation over talks with Norton Rose.
Herbert Smith was also rumoured to be a potential merger partner for Houthoff, but is now focusing on its relationship with Stibbe.
In a statement, Houthoff said it had looked intensively at merging with an English firm of the same calibre.
“The result of the firm's examination was that full merger would have been difficult to bring about. Given the higher returns of top English firms, a merger could only have been effected if Houthoff Buruma had substantially increased its rates and hived a part of the firm off.”