Aon to Acquire Leading Lloyd's Energy Broker.CHICAGO Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. , Ill. and LONDON--(BUSINESS WIRE)--November 2, 1994-- Aon Corporation and Jenner Jen·ner , Edward 1749-1823. British physician and vaccination pioneer who found that smallpox could be prevented by inoculation with the substance from cowpox lesions. Fenton Slade Group Limited ("JFS See journaled file system and Joliet file system. ") today jointly announced that Aon intends to make an agreed offer to acquire the whole of the issued and outstanding share capital of JFS. Aon intends to account for this transaction as a pooling under U.S. accounting procedures. JFS is a privately held insurance and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Lloyd's brokerage firm. It specializes in placing coverages for companies in the international energy and petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. industries. The Directors of JFS intend to recommend acceptance of Aon's offer, subject to negotiation of final terms. The parties expect the acquisition to be completed later this month. In the transaction, JFS shareholders will exchange their stock in JFS for shares of common stock in Aon. Commenting on the transaction, Patrick G. Ryan, Chairman and Chief Executive Officer of Aon said:-
"In my judgment, Jenner Fenton Slade Group
Limited is the premier energy and petrochemical
brokerage firm at Lloyd's. This acquisition is
strategically very important for Aon. I am
delighted that all of the talented specialists
in JFS, whom I hold in the highest esteem, will
be joining the Aon family of companies."
Michael Jenner, Chairman of Jenner Fenton Slade Group Limited observed:-
"All of us at JFS are excited about the
opportunity to join forces with Aon Corporation.
Pat Ryan and his colleagues understand the
culture of our company. We are confident that
our new association will prove excellent for our
clients and will provide an even broader range
of career opportunities for our people."
The Board of JFS has been advised in the transaction by Phoenix Securities Limited. Aon Corporation is an insurance holding company, with assets in excess of $17 billion. Aon's shares are listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Chicago and London stock exchanges London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . CONTACT: Contacts in the U.K.
Michael Jenner, Andrew Douglas, David Fenton
Jenner Fenton Slade 071.929.4500
or
Nick Bokes
Ludgate Communications 071.253.2252
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion