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CJ Group pulls out of race for McDonald's South Korea operations

Published 09/19/2016, 10:45 PM
Updated 09/19/2016, 10:50 PM
© Reuters. McDonald's logo is seen in Tbilisi

SEOUL (Reuters) - South Korean food-to-entertainment conglomerate CJ Group (KS:001040) on Tuesday said it did not enter the latest round of bidding for McDonald's Corp's (N:MCD) South Korean operations.

A consortium with Maeil Dairy Industry Co Ltd (KQ:005990) and another group with KG Group and NHN Entertainment Corp (KS:181710) entered binding bids last week, M&A media Market Insight reported on Monday, citing investment banking sources.

A Maeil spokesman declined to comment. A KG Group spokesman could not be reached. A NHN spokesman said KG Group was the bidding party, and NHN is expected to only invest funds.

© Reuters. McDonald's logo is seen in Tbilisi

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