White House lauds end to Aon-Willis deal in antitrust push

FILE - In this Aug. 2, 2005, file photo, Aon Center in downtown Chicago is shown. Shares of Aon are climbing for a second day after agreeing with Willis Towers Watson to call off a $30 billion buyout that would have created the largest insurance broker in the world. Last month, the Justice Department sued to block the all-stock deal, saying that it could eliminate competition, raise prices and hamper innovation.  (AP Photo/Charles Rex Arbogast, File)
FILE - In this Aug. 2, 2005, file photo, Aon Center in downtown Chicago is shown. Shares of Aon are climbing for a second day after agreeing with Willis Towers Watson to call off a $30 billion buyout that would have created the largest insurance broker in the world. Last month, the Justice Department sued to block the all-stock deal, saying that it could eliminate competition, raise prices and hamper innovation. (AP Photo/Charles Rex Arbogast, File)

By The Associated Press

The White house on Tuesday lauded the termination of a proposed $30 billion tie-up between Aon and Willis Towers Watson that would have created the largest insurance broker in the world.

Last month, the Justice Department sued to block the all-stock deal, saying it could eliminate competition, raise prices and hamper innovation.

And this month, President Joe Biden signed an executive order targeting what he labeled anticompetitive practices in tech, health care and other parts of the economy, declaring it would fortify an American ideal “that true capitalism depends on fair and open competition.”

Aon CEO Greg Case said in a prepared statement the companies reached an impasse with the Justice Department and “the inability to secure an expedited resolution of the litigation brought us to this point.”

Both companies are based in London and incorporated in Ireland.

Aon PLC will pay a $1 billion termination fee to Willis Towers Watson.

Shares of Aon rose 2.8 percent Tuesday.