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China’s Anbang Insurance Group Co is primed to acquire Starwood Hotels & Resorts Worldwide Inc , the operator of Sheraton and Westin hotels, for more than $13 billion cash in what would be the largest ever deal by a Chinese company in the United States. The Chinese insurer – which has been on a U.S. hotel chain buying spree – on Friday topped a previously agreed cash and stock bid from Marriott International Inc by nearly 15 percent. Starwood determined the Anbang bid was superior and said it planned to scrap the deal with Marriott.

Source: China’s Anbang primed to buy hotel chain Starwood after topping Marriott