Aon has confirmed it will not proceed with a reported attempt to buy out Willis Towers Watson, in a proposed deal that would have created a massive employee benefits consultancy in the UK.
If the deal had gone ahead it would have created a business worth over £45bn.
Aon has not stated the reason why it has pulled its offer 24 hours after it became public, but the announcement that the deal is off will dampen what had been feverish speculation among staff as to what the consequences of such a deal would have meant for jobs.
Aon was required to issue a statement to the stock market confirming its intention not to proceed because Willis Towers Watson is an Irish company and is subject to Irish regulatory requirements.
