Anbang makes binding Starwood Hotels bid

Seattle

STARWOOD Hotels & Resorts Worldwide Inc, owner of brands such as Westin, Sheraton and W, said it received a binding US$13.2 billion takeover bid from a group led by China's Anbang Insurance Group Co, a superior offer to one by Marriott International Inc.

Anbang and its partners will pay US$78 a share in cash for Starwood, according to a statement on Friday.