On the go: Insurance brokerage and consulting giant Aon has pulled out of takeover talks for rival Willis Towers Watson.
Following coverage of preparations for a bid in a Bloomberg report on Tuesday, Aon issued a statement on Wednesday:
“Consistent with Aon's stated focus on return on invested capital the firm regularly evaluates a variety of potential opportunities within and adjacent to its industry. Aon had considered such a possibility with regard to Willis Towers Watson. News of that consideration subsequently became public and Aon was required to issue a statement because Willis Towers Watson is an Irish company and is subject to Irish regulatory requirements.
“As a result of media speculation, those regulations required Aon to make the disclosure at a very early stage in the consideration of a potential all-share business combination. Aon today confirms that it does not intend to pursue this business combination.”
According to anonymised figures compiled by the Competition and Markets Authority, the deal would have given Aon control of between 27 and 32 per cent of the investment consulting market by revenue, and a market share of between 21 and 32 per cent in fiduciary management.
