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Aon’s Concessions to EU May Not Be Enough to Close $30B Willis Deal: Sources
BRUSSELS – Insurance broker Aon’s offer to sell assets in five EU countries and takeover target Willis Towers Watson’s reinsurance arm may not be enough to address EU competition concerns, people familiar with the matter said on Tuesday.
Aon is looking to the acquisition to create the world’s largest insurance broker ahead of Marsh & McLennan Companies Inc as the industry grapples with rising claims and new challenges from the COVID-19 pandemic and climate change.
Last Friday, the London-headquartered company submitted concessions to the European Union’s competition watchdog, which did not disclose details in line with its policy. The watchdog often requires acquiring companies to make concessions that will strengthen rivals before giving its go-ahead.
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BRUSSELS (Reuters) - Insurance broker Aon s offer to sell assets in five EU countries and takeover target Willis Towers Watson s reinsurance arm may not be enough to address EU competition concerns, people familiar with the matter said on Tuesday.
Aon is looking to the acquisition to create the world s largest insurance broker ahead of Marsh & McLennan Companies Inc as the industry grapples with rising claims and new challenges from the COVID-19 pandemic and climate change.
Last Friday, the London-headquartered company submitted concessions to the European Union s competition watchdog, which did not disclose details in line with its policy. The watchdog often requires acquiring companies to make concessions that will strengthen rivals before giving its go-ahead.
Insurance broker Aon has offered to sell assets in several EU countries and the reinsurance unit of takeover target Willis Towers Watson to gain EU antitrust approval for its $30 billion acquisition bid, a person familiar with the matter said on Monday.
By Reuters Staff
1 Min Read
FILE PHOTO: An office building with the Aon logo is seen amid the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott/File Photo
BRUSSELS (Reuters) - European Union antitrust regulators have extended until July 27 the deadline for their decision on Aon’s $30 billion bid for rival Willis Towers Watson, a European Commission filing showed on Wednesday.
Aon, which announced the deal a year ago to create the world’s largest insurance broker ahead of world No. 1 Marsh & McLennan Companies Inc, offered last Friday to sell assets in five European nations to resolve EU competition concerns.