BETHESDA, MD—Marriott International, Inc. and Starwood Hotels & Resorts Worldwide, Inc. have agreed to extend the time period for the Chinese Ministry of Commerce (MOFCOM) to complete its review of the Marriott-Starwood merger transaction. This additional review period, known as phase three, could last up to 60 days.
Marriott and Starwood continue to believe that their planned merger transaction poses no anti-competitive issues in China. Approval by China’s Ministry of Commerce is the only remaining merger clearance required before the transaction may close. The companies have received unconditional pre-merger clearances from regulatory authorities representing more than 40 countries worldwide, including the United States, European Union, Canada, Chile, Colombia, India, Japan, Mexico, Pakistan, Saudi Arabia, South Africa, South Korea, Taiwan and Turkey.
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.