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Towers Perrin and Watson Wyatt merge

Global financial services consultants Towers Perrin and Watson Wyatt have announced they will combine to form a new, publicly listed company to be known as Towers Watson.

Watson Wyatt CEO John Haley will serve as CEO while Towers Perrin CEO Mark Mactas will be President. The merger is valued at $US3.5 billion ($4.4 billion).

Mr Mactas says the merger will “change the landscape of our industry”.

Towers Watson is expected to have annual revenue of more than $US3 billion ($3.76 billion).