NEW YORK (TheStreet) -- Marriott International (MAR) - Get Report stock is declining 4.35% to $61.13 on heavy trading volume on Monday afternoon even though the hotel operator received unconditional clearance from the European Commission to acquire Starwood Hotels & Resorts Worldwide (HOT) in a $13.6 billion transaction.
Shares of Starwood are down 2.98% to $69.66 this afternoon as the overall market is pressured by the U.K.'s decision to exit the European Union.
"Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger, so I am pleased that the Commission was able to clear the transaction quickly," Commissioner for Competition Margaret Vestager said in a statement.
The transaction, which is pending additional regulatory approvals, is expected to close in July.
So far today, 5.5 million shares of Marriott have been traded, compared with its average daily volume of 4.1 million shares.
Separately, Marriott has a "buy" rating and a letter grade of B- at TheStreet Ratings because of the company's impressive record of earnings per share growth, revenue growth, good cash flow from operations and increase in net income.
You can view the full analysis from the report here: MAR
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.