Marriott's $13.6 billion Starwood takeover clears final regulatory hurdles

Marriott's $13.6 billion Starwood takeover clears final regulatory hurdles

Marriott International’s $13.6 billion take over of rival Starwood Hotels & Resorts is set to be finalised this week after gaining approval by authorities in China.

The green light from the Chinese Ministry of Commerce was the last regulatory approval required to complete the deal.

Marriott and Starwood are now able to proceed with completing the transaction before the New York Stock Exchange opens on Friday to create the world’s largest hotel company.

Marriott had previously gained the thumbs up for the takeover from 40 other markets including the US, EU, South Africa and Canada.

Chinese regulators requested an extra two months to consider the deal in August.

The takeover was backed by investors at both companies following a bidding war for Starwood between Marriott and Chinese insurance giant Anbang, which eventually walked away from the deal.

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