Pursuits
InterContinental Denies Report of Starwood Merger Talks
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InterContinental Hotels Group Plc said it isn’t in merger talks with Starwood Hotels & Resorts Worldwide Inc. after the Financial Times reported that negotiations had taken place.
InterContinental, based in Denham, England, was up 4.6 percent at 2,743 pence at the close of trading in London, giving the company a market value of 6.5 billion pounds ($10.1 billion). Starwood, based in Stamford, Connecticut, fell 5.4 percent to $78.20 at the close in New York, the biggest one-day decline in nine months.