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Anbang abandons Starwood bid, paving the way for Marriott

SURPRISE WITHDRAWAL: According to Reuters, Anbang did not give Starwood a reason for not following through on its raised offer of March 26. Starwood's shareholders will vote on the Marriott deal on April 8.

New York

CHINA'S Anbang Insurance Group Co said on Thursday it has abandoned its bid for Starwood Hotels & Resorts Worldwide Inc, paving the way for Marriott International Inc to buy the Sheraton and Westin hotels operator.

The surprise withdrawal marks an anticlimactic end to...

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