REUTERS Loren Elliott
Willis Towers Watson is set to get conditional EU antitrust approval for its $30 billion bid for Aon without having to offer more concessions, people familiar with the matter said.
Anon offered the deal last year to create the world's largest insurance brokerage before Marsh McLennan Companies Inc., which won concessions previously this month to European Commission.
Following feedback from rivals and customers last week, the EU competition enforcer has asked for several tweaks but is unlikely to ask for more concessions, the people said.
Aon could have faced a charge sheet called a statement of objections, which sets out EU concerns if market feedback had been negative and if it had then refused to offer more concessions.This is not the case now, the people said.
The concessions package includes selling a swathe of Willis assets, including its reinsurance arm and its german retirement benefits and consulting business, people with direct knowledge of the matter have told Reuters.The concessions also include selling Willis' insurance broking activities in Germany, Spain and the Netherlands, including French unit Gras Savoye.
Willis' financial and professional portfolio also will be sold to large multinationals in the four countries and other European assets to serve these clients, as well as its entire property and casualty lines.
The Commission and Aon declined to comment.