NU Online News Service, March 16, 4:10 p.m. EDT
Shareholders approved, by an overwhelming majority, insurance broker Aon’s plan to move its company headquarters from Chicago to London.
An Aon spokesman says the vote in favor of the move was completed today at a shareholders meeting that officially finished late this afternoon.
Of the 82 percent of outstanding shares that were voted, 98 percent of the shares voted in favor of the plan, an Aon spokesman says.
The firm needed 67 percent of outstanding shares in order to hold a quorum on the matter.
The move, which will locate a number of senior executives to London, is expected to be completed by the end of March or early April, the spokesman says.
Earlier this year, Aon announced it was moving to London to be closer to the Lloyd’s market, but the move would not result in any job losses.
The move would give the company access to more than $300 million in cash sitting on its overseas and reduce its corporate tax rate, something looked on favorably by at least one rating agency.
It is also expected that once the move is completed, the firm should see an increase in its share price since that will eliminate some concerns about capital gains tax.