Home Hotels & MICE Starwood bids highlight China’s growing role

Starwood bids highlight China’s growing role


As expected, Marriott and Starwood shareholders approve deal
As expected, shareholders at both the Marriott and Starwood hotel giants have approved a tie-up between the two. The approval was Marriott’s final hurdle before paying $12.4 billion for its rival.
Chinese insurance firm Anbang had earlier abandoned its $14 billion takeover bid for Starwood, opening the way for Marriott to proceed.
However, the Marriott-Anbang bidding battle has highlighted the growing role of major Chinese companies in global mergers and acquisitions. Takeovers by Chinese companies so far this year amount to almost $100 billion.
The Marriott purchase will create the world’s biggest hotel giant, with 5,500 properties. The deal is expected to close by mid-2016.


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