Anbang Chairman Wu Xiaohui’s “Wings Clipped” by Regulators

Anbang Insurance walked away from its $14bn all-cash attempt to buy Starwood Hotels & Resorts because China’s regulators have “clipped the wings” of its high-flying chairman Wu Xiaohui, according to people with insight into the talks. After a fierce, weeks-long bidding war between Marriott International and an investor consortium led by Anbang, the Chinese company called off the deal on Friday. It cited “various market considerations” as the reason for backing out. But the deal had faced questions since last week, when a respected Chinese magazine reported that the China Insurance Regulatory Commission planned to block it.