CJ Group bids for McDonald’s Korea

South Korean food-to-entertainment conglomerate CJ Group has submitted a letter of intent to buy fast-food chain McDonald’s Korea.

Details have yet to be decided, but the deal could be worth 300 billion won ($256.86 million) to 500 billion won, says the Korean Economic Daily newspaper, quoting investment banking sources.

McDonald’s Corp headquarters in the US announced in March it was reorganising its business in Asia by bringing in partners to own the restaurants within a franchise framework.

Describing its aim to be a global lifestyle company, CJ Group aims to provide healthy, happy and convenient lifestyles based on its four core businesses: food and food services, bio and pharmaceuticals, entertainment and media, and home shopping and logistics.

CJ’s business divisions include cinema chain CGV and bakery-cafe network Tous le Jours.

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