China regulator would reject Anbang's Starwood deal - Caixin
BEIJING (Reuters) - China's insurance regulator would likely reject a bid by Anbang Insurance Group to buy Starwood Hotels and Resorts Worldwide Inc since it would put the insurer's offshore assets above a threshold for overseas investments, Caixin said on Tuesday.
Starwood, owner of the Sheraton and Westin brands, on Monday accepted a sweetened $13.6 billion (£9.4 billion)acquisition offer from rival Marriott International Inc, spurning Anbang Insurance Group's latest bid.
Chinese financial magazine Caixin said on its website that China's insurance regulator "clearly has an attitude of not supporting" Anbang's bid, as Anbang's overseas investments have already reached a "red line" of not having more than 15 percent of their assets invested overseas.
The magazine cited unspecified sources for its story.
China's insurance regulator could not be reached for comment outside of normal business hours.
(Reporting by Matthew Miller and Ben Blanchard, editing by Louise Heavens)
