European Union antitrust regulators have set a deadline of July 27 for their decision on the Aon-Willis Towers Watson mega-merger. Reuters has today revealed that a European Commission filing shows that EU regulators have extended their deadline on Aon’s $30 billion bid for its rival.
Should the deal go ahead, it would result in the creation of the world’s largest insurance broker, knocking Marsh McLennan, from that position. The news follows Aon’s offer last Friday to sell assets in five European nations to resolve EU competition concerns.
Reuters noted that sources familiar with the matter have confirmed that Aon has offered to sell Willis Re and Willis’s German retirement benefits and consulting business. The unnamed sources highlighted that Aon is also prepared to sell Willis’s insurance broking activities in France, including French unit Gras Savoye, as well as in Germany, Spain and the Netherlands.
EU antitrust regulators are now looking for feedback from both rivals and customers of the brokerage before they decide on whether to demand more concessions, clear or block the deal.