- July 27, 2021
- Posted by: Stratford Team
- Category: Business
Check out what’s clicking on FoxBusiness.com.
Aon PLC and Willis Towers Watson PLC abandoned a more than $30 billion tie-up to create the world’s largest insurance broker, unable to overcome the Department of Justice’s opposition to the merger.
The DOJ filed a lawsuit against the deal last month, the first big test of the Biden administration’s more muscular antitrust policy. The suit, filed in a Washington federal court, alleged that the proposed merger would lead to higher prices and reduced innovation for U.S. businesses, employers and unions that rely on their services.
CASH-LADEN COMPANIES ARE ON A MERGERS AND ACQUISITIONS SPREE
The brokerages, which announced their deal in March 2020, help companies buy insurance and advise them on risk management. Both companies are also major consultants to businesses on health and other benefit packages for their employees.
The DOJ lawsuit followed an investigation of more than a year. Aon and…
