Exclusive-Aon s $30 billion Willis Towers deal faces EU probe – sources | Kat Country 98 9 katcountry989.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from katcountry989.com Daily Mail and Mail on Sunday newspapers.
Aon did not provide concessions on Monday, the deadline for doing so in the preliminary phase to address EU competition concerns, the EU competition enforcer’s website showed. The company’s chief executive, Greg Case, said in March when the deal was announced that Aon was confident the deal would go through.
Aon’s swoop for Willis, which would see it overtake Marsh & McLennan Companies Inc as the world’s biggest broker, came just as financial markets were sliding as a result of the COVID-19 crisis.
The pandemic has caused a sharp rise in claims for insurers and hurt their investment portfolios, compounding existing challenges such as climate change. That’s sparked a run of deals across the insurance industry as valuations have fallen and companies looked to shore up business models.
EXCLUSIVE-Aon s $30 bln Willis Towers deal faces EU probe - sources reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
EXCLUSIVE-Aon s $30 bln Willis deal faces EU probe - sources Reuters 12/15/2020
By Foo Yun Chee
BRUSSELS, Dec 15 (Reuters) - The European Union s antitrust regulators are to open a full-scale investigation into Aon s $30 billion bid for Willis Towers Watson to create the world s largest insurance broker, two people familiar with the matter said.
The all-stock deal, which would merge the world s second and third largest brokers, has attracted regulatory scrutiny due to concerns it would give the combined group increased pricing power.
A full probe by the EU s executive, the European Commission, would follow a preliminary review due to end on Dec. 21. The Commission declined to comment, as did Aon and Willis. A full-scale EU investigation normally takes about five months.
Exclusive-Aon s $30 billion Willis deal faces EU probe - sources reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.