CJ Group says submitted letter of intent to buy McDonald's S.Korean unit

CJ

29/06/2016 01:09

SEOUL, June 29 (Reuters) - South Korea's CJ Group, a 
food-to-entertainment conglomerate, said on Wednesday it has 
submitted a letter of intent to buy McDonald's Corp's  MCD.N  
South Korean unit, adding that details have not been decided.  
    Korean Economic Daily newspaper said the deal could fetch 
300 billion won ($256.86 million) to 500 billion won, citing 
investment banking sources. 
    McDonald's Corp, a U.S. fast food company, announced in 
March it was reorganising its Asian operations by bringing in 
partners who would own the restaurants within a franchise 
business.  
($1 = 1,167.9600 won) 
 
 (Reporting by Hyunjoo Jin; Editing by Stephen Coates) 
 ((hyunjoo.jin@thomsonreuters.com; 82-2-3704-5685; Reuters 
Messaging: hyunjoo.jin.thomsonreuters.com@reuters.net)) 
 
Keywords: MCDONALDS SALE/SOUTHKOREA