The Chinese Ministry of Commerce has given the green light for the merger of Marriott International and Starwood Hotels & Resorts Worldwide. With this last regulatory approval complete the two hotel chains are now able to proceed with closing the transaction and expect the transaction to be completed before the market opens on September 23. In conjunction with the merger closing, Starwood expects its shares will cease trading on the New York Stock Exchange before market open on September 23, 2016. As previously announced, Starwood shareholders will receive $21.00 in cash and 0.80 shares of Marriott International, Inc. Class A common stock for each share of Starwood Hotels & Resorts Worldwide, Inc. common stock. Once completed the merger will make Marriott the world’s largest hotel company.
