Marriott Wins Approval From China For Starwood Deal, Paving The Way For Close

Marriott International Inc. said Tuesday it has received antitrust approval from China for its acquisition of Starwood Hotels & Resorts Worldwide Inc. . The approval clears the way for the deal to close, the company said in a statement. The companies are planning to close before the market opens on Sept. 23. Starwood shareholders will receive $21 in cash and 0.80 shares of Marriott. Starwood shares rose 3% in premarket trade, while Marriott shares were not yet active.