	willis faber bids for stewart wrightson willis faber plc wifl l will make an agreed mln stg offer for fellow insurance broker stewart wrightson plc a joint statement said the offer would be on the basis of three willis shares for every two in stewart valuing each stewart share at about p willis already owns mln shares or pct and has received acceptances from stewart s directors for a further shares full acceptance of the offer would involve the issue of mln new willis shares or pct of the enlarged total the companies said the proposed merger would bring together businesses that were largely complementary both believed the combination would permit more effective competition throughout the world and enahnce the service provided to clients following the merger the two companies saw significant opportunities for growth in brokerage income and considerable scope for improved operating efficiency willis shares were suspended on friday at p when trading restarted they dropped sharply to p stewart wrightson shares rose to p at gmt from a suspension price of p reuter 
