(Reuters) – Aon PLC's offer to sell assets in five EU countries and takeover of target Willis Towers Watson PLC's reinsurance arm may not be enough to meet EU competition problems, said people familiar with the matter at Tuesday.
Aon looks at the acquisition to create the world's largest insurance broker before Marsh & McLennan Companies Inc.
On Friday, the London headquarters left the company concessions to the EU competition watchdog, which did not disclose details in line with its policy. The watchdog often requires acquiring companies to make concessions that will strengthen competitors before they give their go-ahead.
Aon has proposed selling Willis Re, its largest concession, and Willis' German pension benefits and consulting business. It has also offered to sell Willis' insurance brokerage business in France, including the French unit Gras Savoye, as well as in Germany, Spain and the Netherlands, one of the people said.
In addition, Aon offers to sell Willis & # 39 ;. the entire real estate and accident portfolio serving large multinational companies in these four countries and other European assets to serve these customers, as well as its financial and professional lines, the person said.
“The measure does not reflect the reality of the market. It omits multinational companies in other countries, the person says.
"It would help a lot if Willis' UK was divested because many specialties are there. Aon needs to divest Willis' global network. The solution here is about Europe, it does not address needs outside Europe," the person says.
Willis' British cyber business, British financial and professional routes, its global aerospace operations are also part of the concession package, while Willis brokers in Italy, Portugal and the Netherlands can be transferred to the buyer of the assets.
European Commission has given rivals and customers until Friday to respond It is planned to decide on the deal by July 1