Marriott and Starwood share prices rise as shareholders approve $12.4bn takeover – bringing the creation of the world’s largest hotel chain one step closer
Shareholders have approved the $12.4bn (£8.8bn) takeover of Starwood Hotels by Marriott International – meaning the creation of the world's largest hotel chain has just come a step closer.
In joint statement today, the pair said shareholders of both companies had approved the merger – with 97 per cent of Marriott shareholders and 95 per cent of Starwood shareholders giving the deal their stamp of approval.
It's a narrow escape for Marriott, which was almost outbid by a consortium led by Chinese insurer Anbang back in March.
In a statement today, Arne Sorenson, Marriott's president and chief executive, said, "With today's successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders' vote of confidence in our ability to drive long-term value and opportunity as a combined company."
The news sent Marriott shares up 0.92 per cent to $66.11 in lunchtime trading in New York, while Starwood's shares rose 0.65 per cent to $78.78.
[custom id="108"]