Re/insurance brokerage Aon has now confirmed that it does not intend to pursue a deal to acquire rival broker Willis Towers Watson (WTW).
Media reports emerged yesterday claiming that Aon was in early discussions with WTW about a potential acquisition. Aon then confirmed then it was in the early stages of considering a potential offer, but has now released a statement saying that it does not intend to pursue this business combination.
Owing to WTW’s Irish domicile, making it subject to Irish regulatory requirements, regulators required Aon to make its confirmation disclosure at a very early stage in the consideration.
However, the firm has now confirmed that “it does not intend to pursue this business combination.”
Aon adds that as a result of this announcement, it is bound by the restrictions set out in Rule 2.8 of the Irish Takeover Rules. Noting that it reserves the right within the next year to set aside this announcement where so permitted under Rule 2.8 (including Rule 2.8(c)(ii)).