Yum! gets nod to buy Little Sheep
Updated: 2011-11-08 15:33
(Xinhua)
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BEIJING - Yum! Brands Inc has gained approval from China's industry regulator over its proposal to take over Little Sheep Group Ltd, China's leading hot-pot restaurant.
The Ministry of Commerce cleared the application under its anti-monopoly law, the Inner Mongolia-based Little Sheep said Tuesday, citing a statement of Yum!, on its website.
Yum! is offering HK$6.5 a share in cash to gain 93.2 percent of Little Sheep, the statement said. The remaining 6.8-percent stake will be held by the creator of the Chinese company. The privatization plan is still subject to the approval of Little Sheep shareholders.
Yum!, based in the United States, bought a 20 percent stake in Little Sheep in 2009 and raised the share-holding to 27.2 percent last year.
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