Towers Watson and Willis Approve Merger
Monday, 12 14 2015, Category: Insurance and Reinsurance, Country: World
Towers Watson & Co. won approval from its shareholders for an $8.9 billion merger with insurance broker Willis Group Holdings Plc, overcoming opposition from proxy advisers.
Willis shareholders also supported the combination, according to a joint statement from the companies that didn’t disclose vote tallies.
“We are confident that combining Towers Watson and Willis will accelerate both companies’ long-term strategies and create substantial incremental value for shareholders,” Towers Watson Chief Executive Officer John Haley said in the statement.
Willis agreed in June to merge with Towers Watson to better compete with brokers including Marsh & McLennan Cos. and Aon Plc, which also have substantial consulting operations.
Source: Insurance Journal