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Mergers are the voluntary, contractual uniting of two or more organizations into a new legal and economic entity. A merger creates a new organization that reflects the character of the merging companies and their shareholders. They share the risks and opportunities brought by the merger. In practice, however, one side of the merger is often dominant. Mergers of large firms are now a common business practice. An example is the merger of Coopers & Lybrand with Price Waterhouse to establish PwC in 1998.