China is the final country needed to approve Marriott Intnernational's acquisition of Starwood Hotels & Resorts following approvals from Saudi Arabia and Mexico.
BETHESDA, Maryland--Marriott International, Inc. (NASDAQ: MAR) on 3 July 2016 announced it has received authorization from competition authorities in Saudi Arabia and Mexico to proceed with its acquisition of Starwood Hotels & Resorts (NYSE: HOT) 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 continue to cooperate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly upon receiving authorization from China.
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 as separate and independent entities.
Note on forward-looking statements This press release contains “forward-looking statements” within the meaning of U.S. federal securities laws, including the parties’ plans for closing the transaction; plans and expectations; and anticipated future events and expectations that are not historical facts. We caution you that these statements are not guarantees of future performance and are subject to numerous risks and uncertainties, including the receipt of necessary consents, and other risk factors that we identify in in Marriott’s and Starwood’s most recent quarterly reports on Form 10-Q and in the joint proxy statement / prospectus on Form S-4 that Marriott filed with the U.S. Securities and Exchange Commission on February 16, 2016. Any of these factors could cause actual results to differ materially from the expectations we express or imply in this press release. We make these forward-looking statements as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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