Insurer’s bid rejected
Print Edition
CHINA’S insurance regulator would likely reject a bid by Anbang Insurance Group to buy Starwood Hotels and Resorts Worldwide Inc since it would put the insurer’s offshore assets above a threshold for overseas investments, Caixin magazine said yesterday.
Starwood, owner of the Sheraton and Westin brands, on Monday accepted a sweetened US$13.6 billion acquisition offer from rival Marriott International Inc, spurning Anbang’s latest bid. Chinese financial magazine Caixin reported that China’s insurance regulator “clearly has an attitude of not supporting” Anbang’s bid, as Anbang’s overseas investments have already reached a “red line” of not having more than 15 percent of their assets invested overseas.
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