McDonald’s ends India franchise deal Maersk to sell oil, gas business
McDonald’s, the US fast food chain, terminated its franchise agreement on Monday for 169 outlets in India. The termination will see closure of the company’s restaurants in northern and eastern India. The Indian unit of McDonald’s said on Monday that it has ended the agreement with Connaught Plaza Restaurants Private Ltd, after it breached terms relating to some restaurants. “Today, we have issued the CPRL board a notice of termination of the franchise agreement between McDonald’s India Pvt Ltd and CPRL for 169 McDonald’s restaurants operated by CPRL in north and east India,” the fast food chain said in a statement. Danish oil and shipping group A.P. Moeller-Maersk has signed an agreement to sell its oil and gas branch to Total SA of France for $7.45 billion in a combined share and debt transaction, the company announced on Monday. According to the agreement, Maersk will receive an enterprise value per 30 June 2017 of $7.45 billion paid by 97.5 million shares in Total with a value of $4.95 billion equal to approximately 3.76 percent of Total, it said in a statement. investment firm have closed a deal to buy India’s second-largest private refiner Essar Oil Ltd, Rosneft and EOL said on Monday. A combined 98.26 percent stake in EOL has been acquired for $12.9 billion, an EOL statement said. Rosneft has bought a 49.13 percent stake, and the Trafigura-UCP consortium has acquired an equal stake. The remaining 1.74 percent stake will continue to be held by retail shareholders, it said. is planning to approve another contract that covers supervision expenses.