Shares of insurance broker Aon plc (AON) are climbing more than 6% Monday morning after the company’s decision to terminate its business combination with Willis Towers Watson (WLTW) and end litigation with the U.S. Department of Justice (DOJ).
Aon had announced the proposed $30 billion acquisition of Willis Towers Watson in March 2020. DoJ had filed a civil antitrust lawsuit to block this, alleging that the “acquisition would create broking behemoth and eliminate competition between two of the “Big Three” global insurance brokers”.
In connection with the business combination agreement, Aon is expected to pay $1 billion termination fee to Willis Towers Watson.
AON, currently at $248.01, has been trading in the range of $179.52- $260.97 in the last one year.
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