Yum! Brands, the US restaurant operator, said on Wednesday that it plans to acquire Little Sheep, a Chinese chain of hot pot restaurants, in a move that would deepen its presence in China.
Yum, which owns KFC, Pizza Hut and Taco Bell and already owns 27.2 per cent of Little Sheep’s stock, said it made a preliminary proposal to acquire the Chinese company’s outstanding shares. Little Sheep’s chairman and founding shareholders would maintain their minority interests.
A formal offer will be made once Yum gets approval from regulators for the transaction, the company said.
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