Aon offers concessions to EU watchdog in WTW deal
Insurance brokerage Aon is offering concessions to gain European Union antitrust approval for its $30 billion bid to acquire Willis Towers Watson, according to a European Commission filing.
The sector’s biggest-ever deal would create the world’s largest insurance broker, ahead of Marsh McLennan. The deal was made a year ago, and Aon submitted its package to the EU competition regulator April 09.
The commission did not disclose details of the concessions Aon offered. It will now seek feedback from customers and competitors before deciding whether to approve the deal, block it, or seek additional concessions, Reuters reported. The commission set a July 12 deadline for its decision.
Read more: Aon-WTW deal comes under further competition scrutiny
Among the commission’s demands is the sale of the Willis reinsurance business – a demand Aon has refused, according to Reuters. Aon may also be pressured to sell a business that provides consulting and administration services on employee retirement and health plans.