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Food company Dongwon pushes to acquire McDonald’s South Korea

(Source: Korea Bizwire)

Dongwon Group, a major South Korean food company, is pushing to acquire McDonald’s Korea, industry sources said Monday, in the food maker’s push to strengthen its restaurant business.

Dongwon Industries Co., the holding company of the group, has been the preliminary sole bidder in the acquisition of McDonald’s Korea, sources said.

The group began its first round of inspection last week and is currently discussing the price.

McDonald’s Korea is wholly owned by its parent company, McDonald’s Corp.

Previously, a consortium led by the private equity fund Carlyle Group and Maeil Dairies Co. tried to acquire the burger franchise in 2016, but the deal fell through after Maeil gave up on the acquisition.

“McDonald’s Korea is seeking a strategic partner to promote our continual growth and development in the Korean market. We are currently reviewing various options and will inform of the development when the time is right,” a company spokesperson from McDonald’s Korea said.

Dongwon did not comment on the acquisition.

The story was originally published on Korea Bizwire.

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