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Marriott shareholders approve Starwood takeover

The merger of Starwood and Marriott hotels has been approved by shareholders after months of negotiations.

Marriott will pay $12.4 billion after winning a bidding war against Chinese insurance firm Anbang.

Anbang abandoned its $14bn takeover offer for Starwood last week, citing "market considerations".

Marriott shareholders voted 97 per cent in favour of the deal, while 95 per cent of Starwood shareholders approved the merger.

Thomas B. Mangas Starwood’s CEO said: “The vote is a significant step toward closing, and we are grateful for the continued enthusiasm and support for this merger.

“There is no doubt that this transaction puts our company on the best path forward and we remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.”

The purchase will create the largest hotel chain with 5,500 properties worldwide.

Marriott said it plans to close the deal by mid-2016.


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