<ul><li>UK watchdog, Competition and Markets Authority, launches investigation into Aviva's £3.7bn takeover of Direct Line.</li><li>The merger aims to create one of the largest car insurers in the UK as Aviva expands its business in the sector.</li><li>The investigation will determine the impact on competition, with a deadline set for July 10 for a decision on proceeding to phase 2.</li><li>Aviva, the largest UK insurer, and Direct Line, known for brands like Churchill, plan job cuts post-merger, following efforts to streamline operations.</li></ul>

UK watchdog launches investigation into Aviva’s £3.7bn takeover of Direct Line

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