No, you would need third party software to do this or write code yourself.
See this page for some programs: http://www.slipstick.com/outlook/sync.htm

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Milly Staples [MVP - Outlook]
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After furious head scratching, MJames asked:
| Is it possible to configure Outlook to automatically merge a personal
| calendar with a Shared calendar when changes are made?
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|
| Thank you