Marriott, Starwood Give China More Time to Review Merger

(WSJ) Marriott International Inc. agreed to a request from China's antitrust authority to extend the time frame for reviewing Marriott's proposed marriage with Starwood Hotels & Resorts Worldwide Inc., extending the last regulatory hurdle before the transaction may close.

The two hotel chains said the additional review period could last up to 60 days.

The companies, which didn't specify why the Chinese Ministry of Commerce needed more time to complete its review, say their planned merger poses no anticompetitive issues in China. The transaction has received clearances from regulators representing more than 40 countries world-wide, including the U.S. and the European Union.

In March, Starwood agreed to a sweetened cash-and-stock deal from Marriott International Inc., currently worth roughly $13.42 billion. That move came after China's Anbang Insurance Group Co. walked away from its all-cash $14 billion bid to buy Starwood, a surprise move that capped a three-week bidding war with Marriott. Starwood chose to stick with Marriott's boosted offer, which at the new price, Anbang effectively forced Marriott to pay roughly $1 billion extra for Starwood.

Source: Wall Street Journal by Joshua Jamerson

from China Travel & Tourism News http://ift.tt/1iB6EFm

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