Economy
Friday, April 01, 2016
The Chinese investor Anban who recently swallowed even the Waldorf Astoria in New York seemed determined to swallow the US hotel chain Starwood. Suddenly comes the rejection – for pleasure another bidder .
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The US hotel chains Marriott and Starwood may merge the largest provider of hotel beds in the World: The consortium led by the Chinese insurer Anbang was in the weeks since raging takeover battle for Starwood on. the offer for Starwood would not be pursued from “various market considerations” out, said the consortium
The abrupt withdrawal ended a tug of war that has shown two things:. On the one hand, that the Chinese in the demanding global business of mergers and acquisitions (M & A) flex their newfound muscle. Secondly, but also that they seem to have trouble getting the desired business then also in the bag.
On Monday Anbang had its offer for Starwood reworked again and 14 billion dollars (more than 12.5 billion euros) offered. Marriott had last offered $ 13.6 billion and thus itself again upped the ante to beat the competition from China. Starwood had put on this basis on 21 March into a merger agreement with Marriott.
Chinese want company for $ 92 billion to take
The Board of Directors recommended to shareholders on Monday to continue the Marriott deal. The shareholders of Starwood and Marriott are now to decide definitively on April 8 on the merger. At Marriott include the JW Marriott- and Ritz-Carlton hotels. Overall, the chain counts 4400 houses worldwide. At Starwood include Westin-, Sheraton and Le Meridien hotels – worldwide there are 1270 houses
According to data from Dealogic have so far this year acquisitions of foreign companies by Chinese companies in the total volume of 92 billion dollars. been announced. That is more than last year. In the data, the original bid of Anbang Starwood is not included. The US regulatory must approve the proposed acquisition and in Washington is stirring some resistance to the purchase of home corporations by Chinese.
More aboutThat Anbang gets out of the race eventually after aggressive bidding for Starwood, nourishes at US companies fear that the Chinese for the Champions League in M & could not yet be ripe A business. This could mean that such projects will be less in the future.
The insurance group Anbang Insurance Group has an opaque ownership structure with numerous Holdings, spread across China. Some analysts have warned that the recent acquisitions, including the multi-billion dollar acquisition of Tradition Hotels Waldorf Astoria in Manhattan, could weigh on the balance.
Source: n-tv.de
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