Aon confirms Willis Towers Watson buyout plans

Insurance broking giant Aon has confirmed that a takeover of its competitor and third largest insurance broker Willis Towers Watson (WTW) is under consideration.

Shares in WTW rose by more than 8 percent today following initial reports of the bid in the media.

The acquisition of WTW could make Aon the largest broker in the world, pushing it above current number one Marsh & McLennan Cos. At least until MMC’s acquisition of JLT is completed.

Now Aon has officially announced its intentions as per Irish regulatory requirements, stating that any deal was “in the early stages” and would be made via an all-share business combination.

Aon also emphasised that the deal was still being evaluated and there “can be no certainty that any transaction will take place nor as to the form or terms on which any transaction might be pursued”.

Aon concluded its announcement with a caveat that further  announcement will be made in due course, as appropriate, and said the information had been prepared in accordance with English and Irish law and Rule 2.4 of the Irish Takeover Rules.