McDonald's Getting Bids For Chinese Business
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Struggling fast food giant McDonald's has reportedly received a bid from a Chinese company to take over its operations in China and Hong-Kong.
According to a report from Caixin.com, Beijing-based retail giant WuMart has filed a bid to take over McDonald's operations in both the mainland and Hong Kong. The offer is being backed by private equity investment firm TPG Capital.
According to reports, McDonald's Chinese operations is worth up to $3 billion. The company has about 2,400 restaurants in China and Hong Kong.
Meanwhile, another private equity firm Carlyle has teamed up with Chinese state conglomerate CITIC Group and has offered to acquire the operation. Real estate firm Sanpower Group also made an offer for the assets.(dpa)
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