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David Fickling and Nisha Gopalan

Anbang, Know Your Customer

While the reasons for the Starwood deal's collapse are shrouded, the Chinese insurer's opacity didn't help its cause.

Get over your shock that Anbang Insurance dropped its $14 billion takeover offer for Starwood Hotels. It's more surprising that the proposal got so far in the first place.

Anbang isn't a completely unknown quantity -- it bought the Waldorf-Astoria from Blackstone Group last year for $1.95 billion, and agreed to purchase the Strategic Hotels chain from the same seller for $6.5 billion, according to people familiar with the matter.