Marriott, Starwood To Extend Time Period For China To Approve Their Merger

(RTTNews) - Marriott International, Inc. (MAR) and Starwood Hotels & Resorts Worldwide, Inc. (HOT) announced that, at the request of the Chinese Ministry of Commerce or MOFCOM, they have agreed to extend the time period for 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 premerger clearances from regulatory authorities representing over 40 countries worldwide, including the United States, the European Union, Canada, Chile, Colombia, India, Japan, Mexico, Pakistan, Saudi Arabia, South Africa, South Korea, Taiwan, and Turkey.