Starwood receives $ 12.8 Bln buyout bid from Chinese group

Starwood Hotels & Resorts Worldwide Inc. has received a 12.8 billion U.S. dollar buyout bid from a consortium led by China’s Anbang Insurance Group.

Reports said the Chinese-led investor group including Anbang, Primavera Capital and J.C. Flowers would pay 76 dollars per share in cash.

As one of the largest insurance groups in China, Anbang has total assets of 1.65 trillion yuan, or about 254 billion dollars, with over 3,000 branches in 31 Chinese provinces.

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