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September 2022, Virtual
September 29 2022, Virtual
Marriott International’s takeover of Starwood moved a step closer after receiving approval from the Chinese authorities.
The reported $13.6 billion deal was held up last month after the Chinese Ministry of Commerce requested an extended period to review the acquisition.
This was the last regulatory approval required and both companies expect the deal to be completed on Friday (September 23).
After the acquisition, Marriott will become the world’s largest hotel company.
The shareholders of both groups voted in favour of the merger deal in April, following weeks of uncertainty during which a Chinese consortium led by insurance giants Anbang entered the bidding process before ultimately pulling out due to “market considerations”.
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