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Home / Insurance / Aon, seeking EU nod at Willi's bid, offers to sell assets: Source

Aon, seeking EU nod at Willi's bid, offers to sell assets: Source



(Reuters) – Aon PLC has offered to sell assets in several EU countries and the Willis Towers Watson PLC reinsurance unit to obtain antitrust approval for its $ 30 billion takeover bid, a person familiar with the matter said on Monday [19659002] Aon, who completed the deal a year ago to create the world's largest insurance broker before Marsh & McLennan Cos. Inc., made concessions to the EU Competition Watchdog last Friday, showed an EU application.

Aon has proposed the sale of companies in France, Germany, the Netherlands and Spain, including financial and professional lines and aviation and cyber operations, the person said.

The concession package also covers corporate risk mediation activities in some other countries while it is possible for the buyer to examine these assets, the person said.

The European Commission, which did not disclose details of the concessions, set a deadline for its decision on 1

2 July. It will seek feedback from competitors and customers before deciding whether to clear or block the deal or seek further concessions.

Earlier in the process, the EU's executive body demanded the sale of Willis 'reinsurance business, which Aon had initially refused, while the business of providing consulting and administration services to companies on employees' pension and health programs was also in focus, a source told Reuters.
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