WILLIS FABER BIDS FOR STEWART WRIGHTSON Willis Faber Plc <WIFL.L> will make an agreed 302.6 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 655.5p. Willis already owns 2.05 mln shares, or 4.62 pct, and has received acceptances from Stewart's directors for a further 247,469 shares. Full acceptance of the offer would involve the issue of 66.2 mln new Willis shares, or 28.2 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 437p. When trading restarted they dropped sharply to 393p. Stewart Wrightson shares rose to 576p at 0835 gmt from a suspension price of 499p.