Aon – Willis Towers Watson merger deadline pushed back by EC

Aon – Willis Towers Watson merger deadline pushed back by EC

The deadline for approval of the proposed merger of insurance and reinsurance broking giants Aon and Willis Towers Watson (WTW) has been pressed back by simply over 2 months, as a plan of concessions has actually now been received and the European Commission (EC) rebooted the clock on the process.The EC had previously stopped the clock on the merger considerations as it waited for further information from Aon and Willis Towers Watson (WTW).
Our sis publication Reinsurance News had actually formerly reported that development was being made on a remedy bundle proposition for European Commission regulators as the merger parties sought to prevent publication of a statement of objections.
A sale of Willis Re, the reinsurance broking unit, was stated to be amongst the proposals and other reports recommend some industrial broking units such as WTWs French operations under Gras Savoye are also amongst possible divestiture solutions.
There have also been reports that the United States competitors authorities may have concerns associated with reinsurance.
Now, the EC has upgraded its site page for the merger and reports that “dedications” were gotten on April 9th.
Its assumed these concessions are most likely to include details of divestments that Aon and Willis Towers Watson are prepared to make, so could include the reinsurance unit, or other industrial broking units, as those have been said to be in focus.
With the receipt of these dedications, the EC has actually now restarted the clock on the merger considerations, however at the exact same time has pressed the deadline out.
Originally, the EC had a deadline of May 10th 2021 to come to a decision on the acquisition of WTW by Aon.
Now, the deadline has actually been moved to July 12th 2021, so slipping by two full months and potentially taking closure of the merger into the second-half of the year.
Executives at Aon and WTW have actually been concentrated on trying to seal their transaction in the first-half of the year, but that now appears less most likely within a prolonged due date from the EC.
Check out:
— Aon & & Willis Towers Watson merger might deal with EC statement of objection: Reuters.
— Aon & & Willis Towers Watson expose management of combined business.
— Aon & & WTW cite alt. capital, disintermediation & & marketplaces in defence of merger.
— Willis Re divestment seen essential for Aon– WTW merger to finish.
— If Aon/ WTW leads to divestitures, AJG seen as “finest fit” for Willis Re: KBW.
— Aon– Willis Towers Watson merger examined by Singapore competition authority.
— Aon & & Willis Towers Watson merger to “substantially minimize competition”.
— EC examines Aon/ WTW offer, mentions competition “concerns”.
— Aon + WTW to “extend tested model of catastrophe bonds”– CEOs Case & & Haley.– Aon & Willis Towers Watson to merge.

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