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China's Anbang walks away from Starwood deal

Posted online April 1, 2016 | 11:33 am

China's Anbang Insurance Group Co. has informed Starwood Hotels & Resorts Worldwide Inc. that it is walking away from a nearly $14 billion bid for the hotelier.

The reason is unclear. In a news release yesterday, Anbang cited "various market considerations."

Starwood now plans to revert to Marriott International Inc.'s most recent offer of $13.6 billion.

Read more from Dow Jones Newswires.

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