Use this procedure when you want to keep the
layers you are merging intact. The result is a new merged layer
plus all the original layers.
Click the eye icon next to layers you don’t want
to merge, and make sure that the eye icon is visible for the layers
you do want to merge.
Specify a layer in which to merge all visible layers.
You can either create a new layer in which to merge or select an
existing layer in the Layers palette.
Hold down Option, and choose Merge Visible from either
the Layers menu or the Layers palette More menu. Photoshop Elements
merges a copy of all visible layers into the selected layer.