Deutsche Bank Upgrades Willis Group (WSH) to Hold

Deutsche Bank upgraded Willis Group (NYSE: WSH) from Sell to Hold with a price target of $47.00 (from $41.00). Analyst Joshua Shanker said improved economics for Towers Watson (NASDAQ: TW) increases the likelihood of a merger.

"While we regret multiple rating changes over a short period (see downgrade to Sell on 11/6), the related catalyst has played through. TW shareholders rejected the initial amalgamation plan. The two companies have announced a new amalgamation plan by upping the special dividend to Towers Watson to $10 per share from $4.87. We believe that the deal will likely pass, expecting that a) the necessary 3% more TW shareholders can be secured by the higher dividend and b) noting the very high concentration among WSH's top shareholders makes a low threshold for the deal to pass on the other side," said Shanker.

For an analyst ratings summary and ratings history on Willis Group click here. For more ratings news on Willis Group click here.

Shares of Willis Group closed at $45.70 yesterday.

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