Marriott counters new Anbang Insurance bid for Starwood Hotels

Hotelier Marriott International closed a deal with Starwood Hotels & Resorts on Monday with a last-minute bid to counter that of China’s Anbang Insurance Group, The Financial Times reported. The terms of the US$13.6 billion cash-and-stock deal were negotiated in Havana, where the chief executives of Marriott and Starwood were both accompanying US President Barack Obama on a historic visit to Cuba. The new deal edges out Anbang’s cash offer by US$400 million, but industry observers expect the insurer to make a counter offer soon, with advisers reportedly working frantically to find a way to increase the firm’s offer.