McDonald’s to keep minority stake
McDonald’s Corp is looking to raise $1 billion to $2 billion with the sale of its Chinese mainland and Hong Kong stores after the US fast-food chain decided to keep “a significant minority stake in the business”, a person with direct knowledge of the plans said on Tuesday. The company has picked a consortium led by private-equity firm Carlyle Group LP and Chinese conglomerate CITIC Group Corp to buy the stores and its decision to retain the minority stake lowered the price tag for the business from up to $3 billion expected previously, said the person, who declined to be identified because details of the deal are not public. McDonald’s wants exposure to future growth in the world’s second-largest economy which is why it decided to maintain the stake, the person said. to develop the field.