Chinese Ministry of Commerce delays Marriott-Starwood merger
Marriott International and Starwood Hotels & Resorts have agreed to a request from the Chinese Ministry of Commerce to extend the time period allowed for the organisation to complete its review of the Marriott-Starwood merger transaction.
This additional review period, known as phase three, could last up to 60 days.
Marriott and Starwood continue to believe that their planned merger transaction poses no anti-competitive issues in China.
Approval by China’s Ministry of Commerce is the only remaining merger clearance required before the transaction may close.
The companies have received unconditional premerger clearances from regulatory authorities representing over 40 countries worldwide, including the United States, the European Union, Canada, Chile, Colombia, India, Japan, Mexico, Pakistan, Saudi Arabia, South Africa, South Korea, Taiwan, and Turkey.
Marriott is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,500 properties in 88 countries and territories.
Marriott International reported revenues of more than $14 billion in fiscal year 2015.
The hotel giant agreed to buy rival Starwood – itself a leading hotel and leisure company with more than 1,300 properties in some 100 countries – earlier this year.