. Energy News .

KFC owner clears final hurdle to buy China food chain
by Staff Writers
Beijing (AFP) Jan 6, 2012

Little Sheep, a Chinese restaurant chain, said Friday its shareholders approved a buy-out bid by the owners of KFC, in what will be one of the first successful foreign takeovers of a major Chinese brand.

US-based Yum!, which already owns 27.2 percent of Little Sheep, announced in April its plan to take over the firm in a deal that valued it at more than $860 million, and China's commerce ministry gave its go-ahead last November.

In a statement to the Hong Kong stock exchange where it is listed, Little Sheep said Friday the majority of its shareholders had approved the takeover proposal.

Trading of its shares was suspended on Friday pending the announcement, and will resume Monday. The firm expects the last day of trading on the exchange to be January 12, it added.

Little Sheep is a hugely popular chain of restaurants specialising in mutton-themed hot pot, or so-called Chinese fondue. It has 458 directly owned or franchised restaurants in the country and another 22 overseas.

The commerce ministry's green light surprised some investors, who expected the proposed buy-out to fall foul of China's monopoly laws, which analysts have suggested are used to prevent foreign firms getting a hold in key sectors.

A bid by Coca-Cola to take over China's largest juice maker Huiyuan nearly three years ago, was blocked by authorities who said they were concerned about its impact on competition.

Yum! has nearly 3,500 KFC outlets in China, as well as 560 Pizza Hut restaurants, making it one of the most successful foreign firms in the country. It also owns fast food chain Taco Bell.

Related Links
Farming Today - Suppliers and Technology

Get Our Free Newsletters Via Email
Buy Advertising Editorial Enquiries


. Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Stop abusing insecticides in rice
Los Banos, Philippines (SPX) Jan 06, 2012
To prevent devastating insect pest outbreaks in rice that cause millions of dollars of damage, the International Rice Research Institute (IRRI) has called for a ban on certain insecticides in rice production as part of its new Action plan to reduce planthopper damage to rice crops in Asia. At a conference in Hanoi, Vietnam, IRRI brought together leaders in the rice industry to advance towa ... read more

Ice data at your fingertips

TRMM Satellite Measured Washi's Deadly Rainfall

First ever direct measurement of the Earth's rotation

Satellites can help to grow the perfect grape

Chinese Satellite Navigation System Beidou Begin Test Services

China's satellite navigation system will meet both civil and defense needs

Russia, India to cooperate in production of satellite navigation equipment

China's homegrown navigation satellite network starts providing services

African rainforests said to be resilient

Guyana, Germany ink deal to protect Amazon

In Romania, a pledge to shield bastion of Europe's forests

The case of the dying aspens

BIO Applauds Congress for Supporting Commercialization of Advanced Biofuels for Military Use

OriginOil Enters Joint Venture to Develop Biorefineries for US DoD Biofuels Programs

Sapphire Energy Installs Custom-Made Software from CLC bio for Biofuel Research

Bio-based Chemicals and Materials Grow 140 percent in 2016

Tecta Solar Installs 541.8-kWp Solar Photovoltaic System

AORA Solar Completes Construction of its Second Hybrid Micro CSP Power Station

Solar Array at Neuse River Wastewater Treatment Plant Energized

Investment in African Renewable Energy Reaches $3.6 Billion in 2011

Scottish wind firm passes 1-gigawatt mark

China launches offshore wind farm

ISO New England Selects GL Garrad Hassan as Wind Power Forecaster

Mortenson Construction Completes Comber Wind Project

Gloucester, Yanzhou in giant $8bn coal play: report

Four trapped miners found dead in China: Govt

Five rescued from collapsed Chinese mine

Coal mine collapse traps 12 in China

China's massive holiday migration begins

Tibetan dies after setting himself on fire: Xinhua

Chinese authorities to review Ai Weiwei tax case

EU 'regrets' jailing of two Chinese rights activists


The content herein, unless otherwise known to be public domain, are Copyright 1995-2012 - Space Media Network. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement