Updated: Aon said Wednesday it had decided to forgo the deal.

In what would be a huge merger of insurance brokerages, Aon Plc is considering buying competitor Willis Towers Watson Plc, Bloomberg reported Tuesday.

Aon is preparing to submit a bid in the coming weeks and is in the early stages of what an “all-share tie-up” with Willis Towers Watson would look like, it told Bloomberg after the media outlet reported on the potential plans.

The news caused shares of Willis Towers Watson to jump as much as 8.6% in New York trading, making the company worth more than $24 billion.