McDonald's increases its minority stake in China business with Carlyle deal
Publishing timestamp: 2023-11-20 13:21:57
Summary
McDonald's is increasing its minority stake in its China business from 20% to 48%. This move comes after the fast-food giant sold control of its restaurants in mainland China, Hong Kong, and Macao to Carlyle and Citic in 2017. McDonald's has been expanding its presence in China and aims to reach 10,000 restaurants by 2028. However, the company's sales in China have struggled since the Covid pandemic began. Despite this, McDonald's CEO sees potential in the Chinese market and believes it is the right time to simplify the company's structure.
Sentiment: NEUTRAL
Keywords: breaking news: business, business, mergers and acquisitions, carlyle group inc, business news, retail industry, restaurants, china, mcdonald's corp,
Source: https://www.cnbc.com/2023/11/20/mcdonalds-increases-minority-stake-in-china-business-.html