McDonald's gets bids for China, Hong Kong stores

Buyout firms including Bain Capital, TPG Capital and Carlyle Group too are participating in the auction with a view to teaming up with Chinese strategic bidders, they said.The U.S. fast food company had announced in March it was reorganising its Asian operations by bringing in partners who would own the restaurants within a franchise business. Competitor Yum Brands is also restructuring its China operations by spinning it off ahead of a likely IPO next year.The planned sale of China units by McDonald's and Yum indicates they are seeking local partners who could help ward off growing competition from domestic rivals and also better manage public perception in the wake of food-safety scares that hit the two fast-food giants in the last few years."Given the difficulties Western chains have had recently with public perception, local players have become a serious competitive threat," said Elizabeth Friend, consumer foodservice analyst at Euromonitor International.Oak Brook, Illinois-based McDonald's has hired Morgan Stanley to run the sale of about 2,800 restaurants in China, Hong Kong and South Korea, Reuters previously reported. The sale in South Korea is being run separately and it was not known if the same parties have expressed interest in that sale, the people added.As part of the deal, McDonald's is offering a 20-year master franchise agreement to buyers, with an option to extend it by another 10 years. Nampa/Reuters

McDonald's gets bids for China, Hong Kong stores

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