CJ Group says it has withdrawn from the bidding process for franchise rights for McDonald’s Korea.

The Korean multinational gave no reason for its loss of interest.

McDonald’s US is seeking buyers for 20 year franchise rights for its business in China, Hong Kong and Korea as it moves to a franchise partnership model outside the US.

CJ Group, whose interests include cinema chains in Asia and the Tous Les Jours bakery chain, said this week it had not entered the latest round of bidding for the business.

That leaves a consortium including Maeil Dairy Industry and another group with KG Group and NHN Entertainment Corp as the last two potential buyers on the shortlist.

McDonald’s hopes to earn about US$280 million from the Korean master franchise rights.