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Chinese consortium ups Starwood bid to £9.75bn

Insurance giant Anbang has increased its bid to take over Starwood Hotels & Resorts to almost £9.75bn
29/03/2016

Starwood said the new bid was “reasonably likely” to be superior to that made last week by Marriott

Chinese insurance giant Anbang has increased its bid to take over Starwood Hotels & Resorts to almost £9.75bn. 

Anbang Insurance Group is battling Marriott International to take over the Starwood group, which counts the Sheraton, St Regis, Le Meridien and Westin hotel brands among its portfolio. 

Starwood said that the £62.17 per share offer from the Chinese consortium was “reasonably likely” to be superior to the bid made last week by Marriott.

If the acquisition was to go ahead, it would be the largest ever by a Chinese company in the USA.

However, in response to the increased offer, Marriott released a statement reaffirming its commitment to acquiring Starwood and saying it believes its deal will offer greater long-term value to shareholders.

Marriott added that it will continue to monitor the situation, as it looks to complete a deal that would increase its portfolio to more than 5,500 hotels and more than 1.1 million rooms, making it the largest hotelier in the world. 


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