Yum Brands is to spin off and list its Chinese operations in the biggest shake-up the company behind Kentucky Fried Chicken has seen in almost 20 years, a move that comes just days after it appointed activist investor Keith Meisterto its board.
Newly formed company Yum China will become the sole franchisee for Yum Brands in the world’s second-largest economy, with exclusive rights to KFC and its other two fast-food chains Pizza Hut and Taco Bell, with the latter yet to enter the country. Yum shares rose
3.8 per cent to $74.41 in midday trading.
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