Deals and IPOs

Cramer: Anbang got ‘too high profile’

Cramer: China didn't like the Anbang attention

Anbang backed out of the Starwood Hotels bidding war with Marriott International because it was bringing too much attention to the Chinese company, CNBC's Jim Cramer said Friday.

"Anbang is a state-run Chinese company, and they play with any money they want. I think that they got too high profile, and the Chinese government started to get worried that they're being talked about too much," Cramer said on "Squawk on the Street."

Loyalty plan key to Marriott-Starwood deal: CEO

Anbang, which owns New York's Waldorf-Astoria, walked away on Tuesday from a $14 billion deal to take over Starwood. The move cleared the way for Marriott, which had made an earlier bid.

"I say this … because their excuse was 'due to various market considerations,'" Cramer said. "What are they, a biotech company trying to come public? That's just nonsense."

Shares of Starwood and Marriott plunged 5 percent in Friday trade.

Disclosure: Cramer's trust did not own Marriott or Starwood stock when this article was published.

Anbang Insurance in Shanghai, China.
Anbang walking away from $14B Starwood deal