Anbang drops out of bidding war with Marriott over Starwood

China’s Anbang Insurance Group Co. unexpectedly dropped its $15 billion bid for Starwood Hotels & Resorts Worldwide on Thursday due to “market considerations,” clearing the way for rival suitor Marriott International to buy the hotel chain. Marriott upped its offer from $12.2 billion to more than $14 billion during the bidding war. If Anbang had prevailed, it would have been the largest-ever Chinese acquisition of a U.S. company. A Marriott takeover of Starwood, which owns Sheraton, Westin, and other brands, would create the world’s biggest hotel chain.

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