Marriott International Inc.’s proposed $13.6 million purchase of Stamford-based Starwood Hotels & Resorts Worldwide Inc. will apparently take a little longer to go through.
On Aug. 8 the companies jointly announced that to accommodate the Chinese Ministry of Commerce (MOFCOM), they have agreed to extend the time period for MOFCOM to complete its review of the transaction. The additional review period could last up to 60 days.
“Marriott and Starwood continue to believe that their planned merger transaction poses no anti-competitive issues in China,” the companies’ statement said. “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 over 40 countries, including the U.S., the European Union, India and Japan.