Concentration is subject to regulatory and other conditions. It would be completed after Aon announced last year that it was in talks for a merger and had withdrawn. Once the merger is complete, WTW shareholders will receive 1.08 Aon shares in exchange for each WTW share they hold. The transaction is expected to be completed in the first half of next year. The all-share transaction gives a total implied capital value of approximately $80 billion (66.7 billion euros). Following the shareholder agreement in August, the Aon/WTW merger is expected to be completed in the first half of next year and provide unique prospects, advanced analytics capabilities and superior results. Disclosure obligationsConsentate Rule 8.3 of the Irish Takeover Panel Act, 1997, “Irish Takeover Rules”), if during a “bidding period” a person is or will be “interested” in 1 per cent. Or more than one category of “relevant securities” of Aon or Willis Towers Watson, any “transaction” in all “relevant securities” of Aon or willis Towers Watson (including an option for or derivative referring to these “relevant securities”) must be made public by 3:30 p.m. (EDT) with respect to the relevant securities of Aon and willis Towers Watson on the day of the trading date. The requirement will continue until the end of this bidding period. If two or more persons, on the basis of an oral or written agreement, work together, orally or implicitly, to acquire a stake in the relevant securities of Aon or Willis Towers Watson, they are considered to be a single person within the meaning of Rule 8.3 of the Irish acquisition rules.
Under Irish Acquisition Rule 8.1, any transaction involving relevant Willis Towers Watson securities by Aon or relevant Aon securities by Willis Towers Watson or by a party negotiating in consultation with one of the two companies must be disclosed no later than 12:00 (EDT) on the business day following the date of the transaction in question. The interest rate on securities is, to sum up, when a person has a long economic exposure, conditional or absolute, to changes in the price of securities. In particular, a person is treated as having an interest because of the ownership or control of securities or an option relating to securities or derivatives subject to reference. The terms used in this paragraph are to be read taking into account the meaning of these terms in the Irish Acquisitions Regulation. If you have any doubts about whether you are required to disclose transactions in accordance with Rule 8 of the Irish Acquisition Rules, contact the Irish Takeover Panel`s website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on 353 1 678 9020. At the end of the December deadline, the European Commission will no longer have control over all mergers with an EU element, including those involving the UNITED Kingdom, with the CMA taking over part of these operations, as it will become an independent regulatory authority. This measure is expected to increase the workload associated with mergers within the CMA by 50% and companies will also be examined for the first time by the UK and Brussels. “The proposed transaction is within the EC`s jurisdiction, but it can be transferred to the Competition and Market Control Authority, subject to ec-agreement,” the British goalkeeper said at the time. “The CMA believes that, given its potential impact on competition, the business should be transferred to several retail and wholesale telecommunications markets in the UK.” This is the second attempt to merge Aon-Willis Towers Watson. On March 5, 2019, Aon confirmed that he was in contact with Willis, but the next day he cancelled the discussions. The report finds that EU regulators are trying to comply with the agreement in Brussels and, before the deadline expires, are fighting with the UK Competition Regulatory Authority (CMA) over concentration control.