Starwood, Marriott closer to deal
Starwood Hotels & Resorts Worldwide and Marriott International said the stockholders of the companies voted to approve Marriott’s acquisition of Starwood to create the world’s largest hotel company.
Holders of more than 97 percent of Marriott shares and over 95 percent of Starwood shares voted in favour of the cash-and-stock deal, which was valued at US$12.41 billion.
China’s Anbang Insurance Group Co last week abandoned its US$14 billion offer for Starwood Hotels, clearing the way for Marriott to buy the owner of Sheraton and Westin hotel brands.
“Our teams continue to plan the integration of our two companies,” Marriott chief executive Arne Sorenson said.
The deal has cleared the pre-merger antitrust review in the United States and Canada and awaits approvals in the European Union and China.