China's Anbang drops bid for Starwood Hotels

China's Anbang and its partners said Thursday they had withdrawn a $14 billion takeover offer for Starwood Hotels & Resorts Worldwide, leaving Starwood free to merge with Marriott International. Starwood now can pursue its agreed $13.6 billion merger deal with Marriott International that would create the world's largest hotel chain. Starwood and Marriott shares sank after Anbang dropped the bid.