Bid/Ask: An­bang re­ally wants Star­wood; Spo­tify’s grow­ing pile of cash

Bloomberg Businessweek (Asia) - - CONTENT -


An­bang In­surance Group ups its of­fer for Star­wood—again. Lead­ing a group of i nvestors, the Chi­nese com­pany raised i ts bid for Star­wood Ho­tels & Re­sorts World­wide, best­ing Mar­riott In­ter­na­tional’s lat­est coun­terof­fer. It was the fourth bid in the bat­tle for Westin, W Ho­tels, and other well-known lodg­ing brands. The ac­qui­si­tion would be the big­gest Chi­nese pur­chase of a U.S. com­pany.


West­ern Dig­i­tal of­fers junk bonds. Pro­ceeds from the planned sale will finance the com­pany's takeover of SanDisk, say peo­ple with knowl­edge of the mat­ter.


Fox­conn Tech­nol­ogy fi­nally gets Sharp. Af­ter years of pur­suit, Fox­conn won con­trol, tak­ing 66 per­cent of the elec­tron­ics maker that built Ja­pan's first tele­vi­sion sets.


NTT Data buys Dell’s IT ser­vices. The ac­qui­si­tion pro­vides the Ja­panese tech giant with 28,000 em­ploy­ees mainly in North Amer­ica and In­dia.


Spo­tify raises more cash. The mu­sic stream­ing ser­vice sold con­vert­ible debt to in­vestors in­clud­ing pri­vate eq­uity firm TPG Cap­i­tal, say peo­ple familiar with the deal.


Apollo Global Man­age­ment eyes an Ital­ian bank. The in­vest­ment giant is of­fer­ing to buy a ma­jor­ity stake in Banca Carige. Cap­i­tal-strapped Carige has been bur­dened by bad loans.


State Street buys General Elec­tric’s as­set man­age­ment unit. The move gives State Street re­spon­si­bil­ity for $100 bil­lion in as­sets of foun­da­tions, sovereign wealth funds, and in­sur­ers.


Bet­ter­ment trades up. Rais­ing its fifth round of ven­ture cap­i­tal, the robo ad­viser was val­ued at $700 mil­lion, a 55 per­cent in­crease over its pre­vi­ous level.

By Kyle Stock and Caro­line Win­ter

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