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.
BBC


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