Corporate China’s feverish pursuit of foreign assets has triggered a battle for Starwood Hotels & Resorts, after a group led by Anbang Insurance sought to trump Marriott with a $13bn bid for the owner of the Sheraton chain.
Just a day after Anbang agreed a $6.5bn purchase of US group Strategic Hotels & Resorts, the all-cash bid is the latest act in an aggressive global buying spree by Chinese companies seeking overseas assets as growth slows at home.
The bid throws into disarray Marriott’s planned takeover of Starwood, agreed in November, although the US hotel operator said yesterday it remained committed to closing the deal.
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