I think we often talk about the five Ps as being principles why mergers won’t take place.
Those come down to property, pensions and annuity arrangements, you’ve also got the people aspect of it and the culture.
There’s the profile of a firm or the brand, if you like, and how that’s going to be portrayed in the market.
And the fifth one is just the general level of profits, the comparable levels between the two firms.
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