CJ Group, South Korea’s largest food and beverage group, joined the bid for the Korean unit of McDonald’s Corp.
According to the investment banking industry on Tuesday, investment bank Morgan Stanley in charge of the sale received letter of intent (LOI) from CJ Group.
Industry observers predict that the group would have its food service unit CJ Foodville Corp. purchase the fast-food franchise.
The bid for the iconic American hamburger chain drew several buyers including financial and strategic investors.
KG Group, the parent company of KG Chemical Corp. formerly known as chemical fertilizer company Kyunggi Chemical, also were among them. The group is recently in expansionist campaign, purchasing golf course Sunning Point Country Club from Daewoo Shipbuilding & Marine Engineering Co. in October last year.
Sales of the Korean unit of McDonald’s rose to 565.2 billion won ($486 million) in 2014 from 480.5 billion won in 2013 and 382.1 billion won in 2012.
By Han Woo-ram
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]