百勝出售在華業務出現變數
The sale of Yum Brands’ China franchise, a disposal once expected to fetch more than $10bn, has come to a standstill after clashes on price with the two main bidders.
百勝餐飲集團(Yum Brands)出售中國特許權的交易在該集團與兩家主要競標者在價格上談不攏之後陷入停滯。這筆剝離資產的交易一度預計將斬獲逾100億美元。
China-based private equity fund Primavera and Singapore wealth fund Temasek, understood to be two of the primary bidders for the franchise that includes more than 7,200 KFC and Pizza Hut outlets, both submitted offers for at least part of the fast-food assets.
中國私募股權基金春華資本(Primavera Capital)和新加坡主權財富基金淡馬錫(Temasek)據信是競標這項特許權——包括逾7200家肯德基(KFC)和必勝客(Pizza Hut)餐廳——的兩大競標者，兩家均提交了收購至少一部分快餐資產的要約。
Primavera offered $2bn for part of the franchise, people briefed on the talks said. The bid conformed to Yum’s original conditions for the sale, but the buyout group and Yum could not agree on pricing, people close to the matter said.
聽取了談判簡報的人士表示，春華資本提出以20億美元收購一部分特許權。這一投標符合百勝的初始出售條件，但據知情人士介紹，這家收購集團和百勝無法就價格達成一致。
Temasek also made an offer on the Yum franchise in China, but again could not reach an agreement on a transaction value.
淡馬錫也對百勝餐飲的中國特許權發出要約，但也未能就交易價值與後者達成一致。
Temasek and Primavera declined to comment on the discussions, noting that they were confidential.
淡馬錫和春華資本拒絕對相關商談置評，稱它們是保密的。
The listing of the franchise in the US was another problem, sources said. The terms of the deal did not allow for a stock market listing in Asia, a condition that deterred some who preferred to have that option.
據消息人士透露，這項特許權在美國上市是另一個問題。交易的具體條款不允許在亞洲股票交易所上市，這一條件使一些希望保留這個選項的潛在競標者卻步。
Yum announced the sale of its China franchise last year after coming under pressure from investors to spin off the business into a separately listed entity. China remains the company’s primary source of profit.
百勝在去年宣佈出售其中國特許權，此前該集團受到股東壓力，要求它剝離這塊業務，使其成爲一家單獨的上市實體。中國仍是該公司的主要利潤來源。
The failed bids for one of Asia’s largest fast-food franchises has left the Yum sale in the balance. Several regional investment groups have studied the auction, but it is unclear if any plan to submit bids.
對亞洲最大快餐特許權之一的競標失敗，使百勝的資產出售計劃岌岌可危。多家地區投資集團研究了這一拍賣，但尚不清楚是否有任何集團計劃投標。
Chicken sales at KFC gave an unexpected boost to Yum China revenues in the first quarter. Pizza Hut, however, recorded a bigger than expected drop .
肯德基的雞肉銷售在第一季度意外提振百勝中國(Yum China)的營收。不過，必勝客出現大於預期的滑坡。
Yum’s share price opened at $89.36 yesterday, and was trading at a high for the year to date, up about 38 per cent up from its 2016 low.
百勝的股價昨日以89.36美元開盤，爲今年以來的高點，相比其2016年低點上漲約38%，。
