It would be China’s largest ever private equity deal. An investor group including Hillhouse Capital Management and KKR was hungry enough to bid almost $18bn for the Chinese operations of Yum Brands, the fast-food group that controls KFC and Pizza Hut.
On Tuesday, Yum China, which was spun off from its American parent in 2016 and trades separately on the New York Stock Exchange, rejected the offer— only for its shares to rise.
Investors expect a deal to happen. If they are right, it will fuel the fast-food fight between Yum China and its biggest local competitor: McDonald’s.
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