Marriott-Starwood merger expected to close in September

Inside the Ritz-Carlton Shanghai

Marriott International and Starwood Hotels & Resorts Worldwide have received antitrust approval from the Chinese Ministry of Commerce, the final regulatory authorization necessary before the companies’ merger can be completed.

Before the stock market opens on Sept. 23, Marriott is expecting to have finished its acquisition of Starwood. By the same date, Starwood anticipates its shares will stop trading on the New York Stock Exchange.

Joining together
Marriott International and Starwood Hotels & Resorts agreed to give the Chinese Ministry of Commerce (MOFCOM) an extension for its review of the hotel chains’ merger in August.

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 (see story).

King Cole Bar at the St. Regis New York

Now, with the approval of China and 40 other countries, the merger can close, later than its originally slated close in July.

With the close of the $12.2 million acquisition, Marriott will be the largest hotel company globally (see story).

Current Starwood shareholders will receive $21 in cash and .80 in share of Marriott International Class A common stock for each share of Starwood Hotels & Resorts Worldwide common stock.

from Travel and hospitality – Luxury Daily https://www.luxurydaily.com/marriott-starwood-merger-expected-to-close-in-september/
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