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Investing.com – Aon (NYSE:AON) stock jumped 6% and Willis Towers Watson (NASDAQ:WLTW) fell by as much Monday following a mutual decision between the two companies to call off their proposed $30 billion merger.
The combination would have been the world’s largest insurance broker, but the deal ran afoul of the U.S. Department of Justice, which argued that it would reduce competition and lead to higher prices.
The companies said they would end their litigation with Justice. Aon would pay a $1 billion in termination fee to Willis. The two will now move ahead with their independent plans.
“. . .We are confident that the combination would have accelerated our shared ability to innovate on behalf of clients, but the inability to secure an expedited resolution of the litigation brought us to this point,” Aon CEO Greg Case said in a note.
The deal was first announced on March 9 last year.
