Marriott International, Inc. (NASDAQ: MAR) yesterday announced it has received authorization from competition authorities in Saudi Arabia and Mexico to proceed with its acquisition of Starwood Hotels & Resorts (NYSE: HOT) in a merger transaction.
With these authorizations, the only remaining country in which Marriott and Starwood require pre-merger authorization is China. Marriott and Starwood continue to cooperate with the Chinese regulatory agency (MOFCOM) and will be prepared to close the transaction promptly upon receiving authorization from China.
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.
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