Anbang pulls the plug on Starwood takeover
Tuesday, 01 Apr, 2016
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The Starwood takeover saga seems to have reached a conclusion after a consortium led by China based Anbang Insurance abruptly abandoned its offer of $14 billion for the company.
Anbang looked to be favorite to complete the deal after rival Marriott International was reportedly unwilling to match Anbang’s offer.
No specific reason was given for the pull-out.
"We were attracted to the opportunity presented by Starwood because of its high-quality, leading global hotel brands, which met many of our acquisition criteria, including the ability to generate consistent, long-term returns over time. However, due to various market considerations, the consortium has determined not to proceed further," a statement issued by the consortium said.
The withdrawal paves the way for Marriott to create the world’s biggest hotel company.
Analysts had raised doubts over whether the Chinese-led consortium could close the deal or if it would even receive regulatory approval.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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