September 2022, Virtual
September 29 2022, Virtual
Now in its 27th year, the Business Travel Awards
Marriott International’s $12.4 billion takeover of rival Starwood has moved a step closer after being cleared by the governments of two key markets.
Mexico and Saudi Arabia have both given their approval to the massive hotel merger, just days after the European Union also cleared the deal.
China is now the only country yet to give the necessary pre-merger authorisation for the Marriott-Starwood tie-up.
“Marriott and Starwood continue to co-operate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly upon receiving authorisation from China,” said the companies in a statement.
The deal was approved by shareholders of both Marriott and Starwood in April, after Marriott was forced to increase its initial bid in the wake of competition from Chinese insurance firm Anbang.
The EU gave unconditional clearance for Marriott’s takeover of Starwood, which operates brands such as Sheraton, Westin, W Hotels, Le Meridien and St Regis last week.
But leading TMC Carlson Wagonlit Travel has warned that the merger of the two hotel giants will change the hotel buying process.