Marriott-Starwood Merger Nears Approval
Marriott International announced it received authorization from competition authorities in Saudi Arabia and Mexico to proceed with its acquisition of Starwood Hotels & Resorts in a merger transaction.
With these authorizations, the only remaining country in which Marriott and Starwood require pre-merger authorization is China. Marriott and Starwood said they are continuing to cooperate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly.
Stockholders of both Marriott and Starwood overwhelmingly approved proposals related to the transaction on April 8. Until legal close, the companies will continue to operate independently.
Starwood also recently launched a pre-merger “farewell campaign” of sorts called #StarwoodProud. The campaign has been mostly internal according to Hotel Online, “consisting of private celebrations, teambuilding days, social media campaigns and even some #StarwoodProud swag.”
Reported by: Meetingstoday.com
With these authorizations, the only remaining country in which Marriott and Starwood require pre-merger authorization is China. Marriott and Starwood said they are continuing to cooperate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly.
Stockholders of both Marriott and Starwood overwhelmingly approved proposals related to the transaction on April 8. Until legal close, the companies will continue to operate independently.
Starwood also recently launched a pre-merger “farewell campaign” of sorts called #StarwoodProud. The campaign has been mostly internal according to Hotel Online, “consisting of private celebrations, teambuilding days, social media campaigns and even some #StarwoodProud swag.”
Reported by: Meetingstoday.com
