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EU competition officials have agreed to Aon take $ 30bn to acquire Willis Towers Watson, a deal designed to create the world’s largest insurance company but which needs to be investigated by US officials.
The European Commission said on Friday it had received a package of aid for both parties, most of which was achieved by $ 3.6bn struck in May lowering several anti-Gallagher businesses. Aon also offered the opportunity to sell his German retirement businesses and financial solutions to the “right buyer”.
Commission Competition Officer Margrethe Vestager said the residual package “ensures that European companies, including insurance companies and clients from around the world, continue to make good choices and best practices by choosing the right broker for their needs”.
Aon and Willis say obtaining a permit in Brussels “is a major step forward in gaining the legitimacy of the treaty”.
In a joint statement, they added: “Both companies operate in a competitive, economic environment and believe that this recognition ensures that our partnership will promote new services on behalf of customers, and create stronger and more competitive market opportunities.”
But agreement has a solid track record to end in the US, another major market for both companies.
Department of Justice last month was charged preventing the seizure, claiming that the combination of two-thirds of the insured payers “tackles intense competition head-on and could lead to higher prices and minor changes, damaging American businesses and their customers, co-workers, and retirees”.
Aon and Willis were hoping to close the deal in the third phase – a final list that had already left the end of last year as the code of conduct continued.
In a U.S. court of law earlier this week, the businessmen pushed the first day of September in the antitrust case, when the attorney general said it would begin in January to give time to prepare.
In the end, the two sides agreed to do so on November 18, but U.S. state judge Reggie Walton warned there was a risk that even that date would be postponed because several cases had been filed by a U.S. capitol in January.
The deal is one of several joint ventures that has come to an end in Brussels in recent months, following a number of mergers and acquisitions during the epidemic.
The partnership between Nvidia and Arm – which is expected to be released sometime later this year – needs to be closely monitored from regulators on competition issues.
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