McDonald’s sale of its China and Hong Kong franchise is struggling to attract the calibre of bidders the US fast-food empire envisioned, according to people familiar with the situation.
With the auction, announced earlier this year, the company is seeking to reduce its direct exposure to China, where food supply scandals have hurt its share price, and to halt capital expenditure in the region.
But McDonald’s is also looking to fortify its reputation with the sale, which has moved into a second round of bidding and could fetch $2bn-$3bn, according to people briefed on the deal.
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