Inside the Ritz-Carlton Shanghai
Marriott International and Starwood Hotels & Resorts have agreed to give the Chinese Ministry of Commerce (MOFCOM) an extension for its review of the hotel chains’ merger.
At the request of MOFCOM, an additional period of up to 60 days has been added to review whether the combination of the two companies represents any anti-competitive issues in China. With clearance from other nations, China represents that last approval needed before the transaction can close.
Stamp of approval
After a prolonged back-and-forth complicated by competing offers, Starwood Hotels & Resorts signed an amended definitive merger agreement with Marriott International. The merger, a defining gauge of the luxury market’s health, saw Marriott purchase Starwood for $12.2 billion (see story).
Before the extension, the merger was expected to close in July (see st0ry).
Image courtesy of The St. Regis Tianjin
While this joining of two chains represents the formation of the largest hotel company worldwide, Marriott and Starwood believe that their merger does not present any anti-competitive issues in China.
The two companies have received unconditional pre-merger clearance from regulating bodies in 40 countries. These include the United States, the European Union, Canada, Chile, Colombia, India, Japan, Mexico, Pakistan, Saudi Arabia, South Africa, South Korea, Taiwan and Turkey.
from Travel and hospitality – Luxury Daily https://www.luxurydaily.com/chinese-review-of-marriott-starwood-merger-extended/
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