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Business

Anbang ups Starwood bid to $14bn

NEW YORK -- A consortium led by China's Anbang Insurance Group is now offering $14 billion for Starwood Hotels & Resorts Worldwide, raising the stakes in a bidding war with Marriott International.

     Anbang increased its price to $82.75 a share, Starwood said Monday. The new offer "is reasonably likely to lead to a 'Superior Proposal,' as defined in Starwood's merger agreement with Marriott," Starwood said.

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