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Taylor Woodrow and George Wimpey are merging to form the largest housebuilder in the UK.

Taylor Wimpey will have total housing completions of 22,000 per annum in the UK and combined annual revenues of 拢6.7bn.

In the US, where both housebuilders have a strong presence, combined completions will be about 9000 per annum.

Abound 700 redundancies are expected among the 14,000 combined workforce. Taylor Wimpey said it would benefit from significant cost savings, estimated to be at least 拢70m at the end of the first full financial year.

The merger will give the companies access to a larger land bank, much of which already has secured permission.

The company also cited Talor Woodrow鈥檚 strategic land buying skills and George Wimpey鈥檚 more efficient cost base and business structure as cost-cutting opportunities.

Taylor Wimpey expected a one off cost of 拢60m which would be incurred in the current financial year.

Wimpey鈥檚 current chief executive Peter Redfern is expected to keep the same position at the combined company as is Taylor Woodrow chairman Norman Askew. Ian Smith, who only become chief executive of Taylor Woodrow in January, is likely to leave the company.

Commenting on the merger Askew said: 鈥淭his merger provdes both businesses with a unique opportunity to combine their respective strengths and create the largest UK housebuilder with a much improved position in the US.鈥�