by Sheraz Mian
Financial Sense
With the Dow up five days straight and oil now perched above $40 a barrel, we see futures up this Friday. This week — complete with a dovish opinion from the FOMC regarding forward interest rates and some better-than-expected earnings numbers — has been an island of market strength in a so-far volatile start to the first 12 weeks of the year.
Starwood’s (HOT) deal with Anbang has been signed this morning by the Chinese insurer — and now burgeoning global hotelier — to purchase Starwood for $78 per share. It’s an all-cab, fully financed deal, and reportedly will be signed by Starwood once the 5-day grace period given by Marriott (MAR), which had positioned itself to purchase Starwood before the Anbang bid. No less than $400 million may be due Marriott if its deal with Starwood goes by the wayside, which it looks to be.