Marriott One Step Closer to Starwood Takeover
by Jessica Montevago /Marriott International said Tuesday there were no antitrust challenges from the Federal Trade Commission or the Competition Bureau of Canada in its proposed acquisition of Starwood Hotels & Resorts, clearing another hurdle for the takeover.
Both companies can now move forward with stockholder meetings on March 28 to approve the transaction.
The $12 billion deal is expected to close mid-year, making Marriott the world’s largest hotel chain.
Last month, in the first major change since Marriott announced the acquisition, the two companies are raising the number of frequent-traveler points it will cost to get a free room night for some hotels.