Anbang raises offer for Starwood to $ 14 billion

Image captionStarwood owns several hotel brands including the Sheraton,
China Anbang Insurance Company has raised its offer for Starwood Hotels to $ 14 billion (£ 9.8 bn) expansion of a bidding war with the Marriott group.

Last week, Marriott, seemed to interrupt Anbang proposal to $ 13.6bn, which was supported by the Council in Starwood.

In a statement, the Starwood Board said the new proposal is likely to lead to a "superior" proposal.
The Council, however, has not changed its recommendation in favor of the merger with Marriott.
Starwood owns several hotel brands, including Sheraton, Westin and St Regis.

Under the terms of an agreement with Marriott, Starwood board may discuss and provide information to bidders, who make excellent rates.

But in his final merger agreement with Marriott, Starwood will have to pay a fee at the Marriott in the Decay of $ 450m, if he decided to take a different proposal.

Anbang, whose consortium includes private equity firms JC Flowers & Co and Primavera Capital, making a push into the US market during the past few years.

He bought the Waldorf Astoria hotel in New York in 2014.
Starwood shares rose 2% on Monday to $ 83.75 on a higher Anbang sentence.