Loading...
The Financial Express

EU regulators set July 27 deadline for decision on Aon, Willis deal

| Updated: August 28, 2021 15:53:01


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 on June 3, 2020 — Reuters/Files 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 on June 3, 2020 — Reuters/Files

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.

The EU antitrust watchdog is now seeking feedback from rivals and customers before deciding whether to demand more concessions, clear or block the deal.

Aon has offered to sell Willis Re, its biggest concession, and Willis’ German retirement benefits and consulting business, people familiar with the matter have told Reuters.

It is also prepared to sell Willis’ insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands, they said.

Share if you like