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