Philippines' Jollibee Foods looks to acquire $1.3 billion US firm

MANILA (REUTERS) - The Philippines' Jollibee Foods Corp said on Thursday it was looking to acquire a US-based fast food company with a market value of US$1 billion (S$1.3 billion), to boost revenue from offshore ventures.

Jollibee, the South-east Asian country's largest fast food company that outsells local McDonalds and KFC restaurants, confirmed via a stock market filing the acquisition plan first reported by a local newspaper.

The BusinessMirror newspaper had quoted Jollibee Chairman Tony Tan-Caktiong as saying the company may look for a partner for the possible acquisition.