China's Anbang drops $14b bid to buy Starwood Hotels in surprise move

China's Anbang drops $14b bid to buy Starwood Hotels in surprise move

China’s Anbang Insurance Group Co said on Thursday it has abandoned its $14 billion bid for Starwood Hotels & Resorts Worldwide Inc, paving the way for Marriott International Inc to buy the Sheraton and Westin hotels operator.

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