Deals
Still Tasty for Yum! in China
A New York listing would provide proceeds to fund a promised multibilllion-dollar stock buyback.
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A reviving business can be hard to let go of, especially when the option is giving a seat at the table to the Chinese government and ceding control of the country's top fast-food operator.
A consortium backed by China Investment Corp. withdrew its bid for control of Yum! Brands' Chinese business after failing to agree on a price with the operator of KFC and Pizza Hut eateries in the nation, a person with knowledge of the matter said. The consortium, which also includes KKR and Baring Private Equity Asia, valued Yum at about $8 billion, about 20 percent less than what Yum was seeking, the person said.