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&lt;p&gt;Hot off the presses today is the news that riskmanagement consultancy AonCorporationhas agreed to purchase HewittAssociatesfor $4.9 billion in cash and stock. The acquisition, which isexpected to be finalized by November, will expand Aon&#39;s global presence in theHR consulting biz, and will result in about $355 million in cost savings yearlythrough 2013, mainly through back-office staff reductions and streamlining technologyredundancies. &lt;/p&gt;&lt;p&gt;&lt;p&gt;Hewitt will become part of Aon&#39;s consulting andoutsourcing arm, which will be rebranded as Aon Hewitt. Russ Fradin, Hewitt&#39;scurrent chairman and CEO will lead the combined entity. &lt;/p&gt;&lt;p&gt;&lt;p&gt;While Aon already has some presence in the HR consultingspace, its main business still lies in the insurance arena. The the Hewittpurchase will expand its HR footprint in a major way, and the two together willbe able to cover a large swath of over 120 countries worldwide. This willposition Aon to compete more directly with its primary insurance opponent Marsh&amp;amp; McLennan, which also houses the very successful Oliver Wyman andHR-focused Mercer consulting arms. &lt;/p&gt;&lt;p&gt;&lt;p&gt;&amp;ldquo;It&amp;rsquo;s definitely going to make them a muchmore consulting operation than they were before,&amp;rdquo; said Paul Newsome, an analystwith Sandler O&amp;rsquo;Neill &amp;amp; Partners LP in Chicago. &amp;ldquo;There&amp;rsquo;s going to be somescale benefits. The other thing they get is better recognition. I think from apure consulting perspective Hewitt is a better name than Aon.&amp;rdquo; As AonCEO Greg Case said of the acquisition, &quot;This merger will give us a broaderportfolio of innovative products and services focused on what we believe aretwo of the most important topics in the global economy today: risk and people.&quot;&lt;/p&gt;&lt;p&gt;&lt;input id=&quot;gwProxy&quot; type=&quot;hidden&quot;&gt;&lt;!--Session data--&gt;&lt;input onclick=&quot;if(typeof(jsCall)==&#39;function&#39;){jsCall();}else{setTimeout(&#39;jsCall()&#39;,500);}&quot; id=&quot;jsProxy&quot; type=&quot;hidden&quot;&gt;&lt;div id=&quot;refHTML&quot;&gt;&lt;/div&gt;

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