McDonald's inviting bids for part of Japan unit

Fast food chain McDonald's is selling up to a third of its stake in its Japan unit, and private equity firms are considering making bids.
People go out from a McDonald's restaurant in Beijing, China on Jan 10, 2017.
People go out from a McDonald's restaurant in Beijing, China on Jan 10, 2017.PHOTO: EPA

TOKYO (REUTERS) - McDonald's Corp is inviting bids for the sale of a 33 per cent stake in its Japan unit McDonald's Holdings Co Japan Ltd, the Wall Street Journal reported, citing people familiar with the situation.

The fast-food company owns just under 50 per cent of the unit. Bids are due next week and a number of private-equity firms are considering bids, the Journal reported.

Morgan Stanley is running the sale, the newspaper reported, citing one of the sources.

McDonald's - which last week agreed to sell the bulk of its China and Hong Kong business to state-backed conglomerate CITIC Ltd and Carlyle Group LP - said in January last year that it was looking to sell a portion of its stake in the Japanese business.

"McDonald's Corp is continuing to explore a potential sale of a portion of its ownership in McDonald's Japan. There have been no decisions made at this time," company spokesman Terri Hickey said in an email.