[fm]: EU clears Marriott's purchase of Starwood Hotels

U.S. hotel chain Marriott International (MAR.O) secured EU antitrust approval on Monday for its cash and share purchase of Starwood Hotels and Resorts Worldwide Inc (HOT.N).

The deal, currently worth about $12.1 billion, will put Marriott's brands including the Ritz-Carlton and Starwood's Sheraton and Westin chains together to create the world's largest hotel company and is one of many in the sector this year.

"This is an important merger for the hotel industry and its customers. Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger," EU Competition Commissioner Margrethe Vestager said in a statement.

Reuters reported on June 14 that the EU was set to clear the deal without condition






By: Reuters.

Reporting: Philip Blenkinsop.

Photo: Channel News Asia.

Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.

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