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InterContinental Hotels Group Plc, the world’s largest provider of hotel accommodation, rose almost 4 percent in London trading after CNBC reported Hyatt Hotels Corp. is in advanced talks to buy Starwood Hotels and Resorts Inc.
InterContinental was up 2.9 percent at 2,563 pence as of 1:41 p.m. in London. CNBC’s David Farber reported Wednesday that Hyatt is negotiating a cash and share bid for Starwood that may happen in the coming weeks, citing people with knowledge of the matter. InterContinental in July rejected reports that it was in takeover talks with Starwood.
News of a possible Hyatt takeover comes a day after the Wall Street Journal reported that three large Chinese companies are competing to buy Starwood. A spokeswoman for the U.S.-based hotel chain declined to comment when contacted by Bloomberg News. CNBC reported Tuesday that Chinese companies had expressed interest in buying Starwood but none had put forward an offer.
Starwood rose as much as 11 percent in New York trading. Hyatt gained as much as 6.8 percent.
This article was written by Ross Larsen from Bloomberg and was legally licensed through the NewsCred publisher network.