Future fair: (From left) Tan, Gandhi and Goi show the future plan for a bigger-scale MIFF in 2018 during the MIFF 2016 pre-show press conference in Kuala Lumpur. Malaysia will stand to benefit from the Trans-Pacific Partnership Agreement (TPPA), as there would be fewer barriers for the export of Malaysian-made furniture to the United States, said United Business Media (M) Sdn Bhd (UBM) managing director M Gandhi. “The good thing about the TPPA is that it is not in conflict with the other free trade agreements (FTAs). “It is an addition to what we already have. “One of the biggest buyers of Malaysian furniture is the US, and it is part of the TPPA. “In fact, most furniture exports are to countries that are a part of the TPPA “Besides that, one of our competitors is China, and China is not part of the TPPA. So, Malaysia will be more competitive in exporting to the TPPA countries,” added Gandhi. The upcoming Malaysian International Furniture Fair (MIFF) 2016, which is t...
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| The proposed acquisition of Sheraton operator Starwood Hotels & Resorts is set to be the biggest acquisition of a US company by a China-based investor. The AFP photo shows people walking pass a Sheraton Hotel in downtown Brooklyn, New York, on Monday. |
A succcessful deal would bolster Anbang’s reputation as one of China’s top corporate acquirers and would follow its purchase of New York’s iconic Waldorf Astoria hotel last year.
It would also be the biggest acquisition of a US company by a China-based investor.
Anbang’s new offer raises the value of Starwood to US$13.16bil (RM53.28bil) from US$12.82bil (RM51.91bil), based on shares outstanding as of Feb 19. Marriott had offered US$12.2bil (RM49.40bil) for Starwood.
Anbang has also agreed to buy Strategic Hotels & Resorts Inc for around US$6.5bil (RM26.32bil), a person briefed on the matter told Reuters last week.
Strategic Hotels’ properties include the Four Seasons Washington, DC on Pennsylvania Avenue, the Westin St Francis on Union Square in San Francisco and the beach-front Ritz-Carlton Laguna Niguel in Orange County, California.
Marriott, which has until March 28 to counter Anbang’s offer, said it was considering its options.
The Anbang-led group, which includes private equity firms JC Flowers & Co and Primavera Capital Ltd, has raised its cash offer for Starwood to US$78.00 per share from US$76.00, Starwood said on Friday.
Starwood’s shares were up 4.6% at US$79.90 in early trading.
Starwood shareholders will also receive stock in Interval Leisure Group Inc, which is buying Starwood’s vacation ownership business for about US$5.67 per Starwood share.
sources: Reuters, theStar
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