Marriott, Starwood Agree To Extend Time Period For China To Approve Their Planned Merger

By Ciara LinnaneMarketsMarketWatch Pulse

Marriott International Inc. and Starwood Hotels and Resorts Worldwide Inc. said Monday they have agreed to extend the time period for the Chinese Ministry of Commerce to review their planned merger. The agreement, which comes at the Chinese ministry's request, extends the review period by up to 60 days, the hotel chains said in a statement. "Marriott and Starwood continue to believe that their planned merger transaction poses no anti-competitive issues in China," said the statement. Approval from China is the last remaining merger clearance required for the deal to close. The companies have had the deal approved by regulatory authorities representing 40 countries, including the U.S., the EU, Canada and Japan.

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