CHINA’s antitrust regulatory body has given the green light for the merger transaction of Marriott International and Starwood Hotels & Resorts Worldwide.
With this, the final hurdle is now passed, allowing the two hospitality giants to together form the world’s largest hotel company under the Marriott banner.
The Chinese Ministry of Commerce had earlier in August requested for an extension of the time period needed to complete its review of the Marriott-Starwood merger transaction, delaying the process.
Marriott also went through a short but heated bidding war with a Chinese consortium led by Anbang Insurance Group for possession of Starwood. The tussle saw Marriott emerge victorious and Anbang backing out in March this year.
Pending customary closing requirements, Marriott and Starwood in a joint statement said they will now proceed to seal the transaction in time for the market opening on September 23.
In conjunction with the merger closing, Starwood expects its NYSE-listed shares to cease trading before Friday.