Investors led by China’s Anbang Insurance offered $12.8 billion in cash for Starwood Hotels & Resorts Worldwide, owner of brands including Sheraton, Westin and W. The bid threatens to upset Marriott’s $11 billion, cash-and-shares takeover, which would create the world’s biggest hotel chain.

【答】which 指代前面整个主句的意思。The bid threatens to upset Marriott’s $11 billion, cash-and-shares takeover, which would create the world’s biggest hotel chain. 这句话的大意是：该投标有可能推翻万豪的110亿美元的现金和股票收购，这将产生世界上最大的连锁酒店。