Marriott, Starwood Tie-up Gets Chinese Approval

(WSJ) Marriott International Inc. and Starwood Hotels & Resorts Worldwide Inc. on Tuesday said China's antitrust authority approved their pending merger, clearing the last regulatory hurdle to the deal's closing, now expected before the market opens Friday.

The companies last month agreed to give the Chinese Ministry of Commerce additional time to review the tie-up, per the agency's request.

The transaction, which will create one of the world's largest hotel companies, has received clearances from regulators representing more than 40 countries world-wide, including the U.S. and the European Union.

Starwood in March agreed to a sweetened cash-and-stock deal from Marriott, then worth roughly $13.6 billion, 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 bidding war with Marriott. Starwood chose to stick with Marriott's boosted offer, which at the new price effectively forced Marriott to pay roughly $1 billion extra for Starwood.

In the deal, Starwood shareholders will receive $21 in cash and 0.8 of a share of Marriott for each share of Starwood.

Source: Wall Street Journal by Anne Steele

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

Put the internet to work for you.

Turn off or edit this Recipe