An­bang Drops $14-bil­lion Bid for Star­wood Ho­tels

The Economic Times - - Companies -

China's An­bang In­surance Group has aban­doned its $14 bil­lion bid for Star­wood Ho­tels & Re­sorts, a sur­prise move af­ter a three-week in­tense bid­ding war with Mar­riott In­ter­na­tional to ac­quire the Sher­a­ton and Westin ho­tels op­er­a­tor. Ac­cord­ing to in­ter­na­tional re­ports, An­bang and its part­ners — PE firms JC Flow­ers and Pri­mav­era Cap­i­tal Group — said in a state­ment that they de­cided to aban­don their Star­wood bid “due to var­i­ous mar­ket con­sid­er­a­tions.”

MUM­BAI

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