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M&A - Towers Perrin, Watson Wyatt agree tie-up

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Seattle-based actuarial consultant Towers Perrin and its Reigate-based peer Watson Wyatt have announced plans to combine, creating a multi-national consultancy to be named Towers Watson.

The deal, worth $3.5 billion (£2.1 billion) based on Watson Wyatt's share price on June 26 before the merger was announced, will see the companies become equal partners.

Watson Wyatt's shareholders will be eligible to receive 50% of the combined company's shares on a fully diluted basis, while Towers Perrin, whose

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