EU Clears US Consultancies Watson Wyatt,Towers Perrin Merger
December 04 2009 - 4:22AM
Dow Jones News
The European Commission Friday cleared the merger of the two
largest human-resources consulting firms in the US, Towers Perrin
Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. (WW), but
the firms must sell Watson Wyatt's life insurance actuarial
software business as a condition.
The firms offered to sell the business, VIPitech, to ease the
commission's concerns that the merger would reduce the number of
actuarial software providers for life insurance in Europe to two
from three.
The combined company, to be called Towers Watson & Co., will
be publicly listed.
The merger will create the world's biggest employee-benefits
consultancy, displacing the Mercer unit of Marsh & McLennan
Cos., according to Shlomo Rosenbaum, an analyst at Stifel, Nicolaus
& Co.
-By Peppi Kiviniemi, Dow Jones Newswires; +3227411483;
peppi.kiviniemi@dowjones.com
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